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What is the Section 8(y) home-ownership option program?

April 26, 2017option program section y

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What is the Section 8(y) home-ownership option program?

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The home-ownership option allows families to use their Section 8 rental voucher toward a portion of their mortgage payment. The voucher can be applied to principal and interest, mortgage insurance, real estate taxes and home insurance. Section 8 payments supplement the family’s own income. In most cases, a family is required to pay at least 30 percent of their monthly income, and the home-ownership assistance payment covers the balance.