Get ready for homeownership through housing assistance

by Carolyn Kay 02/23/2025

Brick house image with text

Interested in homeownership? The homebuying process can be more attainable through homeownership assistance programs. This article reviews some of these projects and the requirements needed to qualify.

Rent-to-own programs

Rent-to-own programs allow households to put money down on a space without the initial commitment of outright homeownership.

This program sometimes offers participants a lease option. Meaning, they can decide if they want to purchase the home after an extended amount of time. This allows households to put money towards the property slowly without having to come up with a large down payment at once.

Additional homeownership assistance

Section 8 rental vouchers have been used for years to provide affordable housing. The housing choice voucher program gives folks financial assistance on their rent. However, the program can also be transferred to assist with homeownership.

The project is headed by the US Department of Housing and Urban Development (HUD). For those who would like to embark in homeownership, HUD can provide funding towards their investment. The next section views some of the requirements to qualify for the section 8 homeownership program.

Requirements for work and income

To qualify for the homeownership voucher program, individuals and households must meet these requirements:

Adults in the household must provide proof of working at least 30 hours per week.
You have to currently be receiving rental assistance through rental vouchers.
Take classes for new homebuyer education.
Income should be at minimum $14,500, but this amount may change depending on location.
Additional requirements your state may ask.

There are many assistance programs you may qualify for. For more information, please visit your local public housing agencies to see the best options for you.

Mortgage Assistance

Rent To Own

Homeownership

About the Author

Carolyn Kay

As a Real Estate professional, I specialize in helping my clients buy, rent or sell properties in Westchester County. I am passionate, dedicated and committed to my clients and my first priority is to provide them with first class service and guidance throughout the entire process. It has been said that I go above and beyond for my clients to get the deal closed! I have experience working with clients who have financed their purchases with either a conventional, VA or FHA loan and have a good understanding of how they work; no sale is too big or too small for me to take on. My family and I relocated to England for 2 ½ years, this was a wonderful experience but at the same time, it was overwhelming. I have first hand knowledge of the challenges as well as the positives in discovering a new community. I was born and raised in Scarsdale and once married, my husband and I decided to raise our two daughters here. Both of our daughters successfully graduated from the Scarsdale schools and are both married, living and working in Manhattan. After living in the same house for 30 years my husband and I took the leap, sold our home and bought and renovated a condo townhouse in another town. Once again we are discovering a new community and fully understand the highs and lows of selling a home we loved and buying and making a new home. I feel that my personal real estate experiences have made me more in tune with my client’s needs and therefore better able to help them navigate through the complex process. Please call me so that I can put my knowledge and experience to work for you.