The Section 8 housing application is only available at certain Public Housing Agencies and for qualifying residents. Not all PHAs participate in homeowners voucher programs, so interested parties will need to find and contact nearby offices that do. Applicants may need to move to the participating PHA’s service area.

Before searching for “rent to own homes near me,” individuals will need to apply for vouchers from their local PHA. Applicants will need to prove that they meet the requirements to use Housing Choice Vouchers for buying a home, including the following. 

• Employment – Like the Section 8 application, applicants will need to provide their Social Security numbers. If they need to prove they meet the employment requirement, homebuyers must list employer information and related documentation that they have held the full-time position for at least a year. 
• Income – They will also need to present income verification details. As of 2023, the federal minimum wage is $7.25 per hour, so applicants must show they work at least 2,000 hours. These earnings cannot come from welfare assistance unless applicants are from elderly or disabled families. 
• Program Status – Some PHAs have program participation requirements. For instance, the Housing Opportunities of SW Washington will only accept HCV participants who have been in good standing for at least a year. They may not accept enrollees who owe money or have been unreliable tenants

Before the PHA can offer financial help, applicants will need to complete the homeownership counseling. The PHA may provide the homeownership seminar or tell individuals where to complete it. 

Prospective homeowners must be financially prepared to put down at least three percent of the purchase price. Households may use the one-time down payment assistance option or gifts from family, friends, grants, and other programs. However, at least one percent must come from the buyers’ personal resources. 

The federal or state government must insure or guarantee the mortgage. The Federal Housing Administration (FHA) and Veterans Affairs (VA) are two government entities that often back home loans. 

These departments do not provide funds directly but through banks and other lenders. The PHA or state must approve the lender and the terms. For example, the PHA may not permit adjustable-rate mortgages or balloon payments since they are riskier for the borrower.

Homebuyers will need to sign the Statement of Homeowner Obligation Housing Choice Homeownership Voucher Program. This form lists the applicants’ responsibilities for receiving financial support.

Are you curious about how much financial support you can receive from the government? Find out how long you can participate in the Housing Choice Homeownership Voucher Program.