: Eligible participants can "convert" their rental voucher into monthly mortgage assistance. Instead of the local Public Housing Agency (PHA) paying a landlord, they pay a portion of your monthly homeownership expenses. Key Requirements : Must be a current Section 8 voucher holder. Must be a first-time homebuyer as defined by HUD.
However, there are specific federal programs and private-market alternatives that allow you to transition from renting to owning using HUD-related assistance or specific housing grants. 1. Section 8 Homeownership Program
: Not all PHAs offer this option; you must contact your local Public Housing Agency to see if they participate. 2. HUD Lease-Purchase Programs
If you already have a Housing Choice Voucher (Section 8), you may be able to use it to pay a mortgage instead of rent.