HUD First Time Home Ownership Voucher Program...What Don't They Tell You?

"If I wish to purchase my first home but need help meeting the monthly mortgage and other homeownership expenses, is there a program that will help me?" After the economic housing fiasco people are voicing this concern all over the USA. And the attacks on section 8 housing have many people worried so why not use section eight to become a homeowner and maybe in time a landlord yourself? Did you know that through the Department of Housing and Urban Development (HUD), there are two primary ways to purchase a home? You can buy a HUD Home, which HUD sells after foreclosing on an FHA-insured mortgage. If you qualify for and obtain a Section 8 Housing Choice Voucher,or, you can use the HUD subsidy to purchase a home via the Homeownership Voucher Program, as long as your local public housing authority participates.

Some people would squawk at this and say their credit score is too low again, the facts say different.Secure financing just as you would for a traditional home purchase. You can use cash or apply for a mortgage. HUD notes that you might qualify for an FHA-insured loan, which, as of July 2010, offers a 3.5 percent down payment to borrowers with FICO credit scores above 580.Your next step will be to search online listings maintained by HUD-contracted companies. You can make this a family task if you have kids they are probably much better at it than you and what kid wouldn't want the chance to help pick out a better place to live? HUD Homes are one- to four-unit properties. HUD-registered real estate agents can conduct HUD Homes' transactions. HUD pays their commission.

Get a home inspection on the HUD Home on which you would like to make an offer. HUD does not guarantee the condition of the foreclosed homes it puts up for sale, nor will HUD pay for repairs.

Make an offer during the "offer period" for your desired property. Your real estate broker will know when this period occurs. When the offer period closes, HUD accepts the most favorable bid. HUD explains that HUD Homes are offered for sale at fair market value.