Where do I Begin?
The purpose of this program is to provide homeownership opportunities for low to moderate income families residing in RRHA Public Housing and Section 8 programs. The applicant must meet selected criteria such as income and buyer background qualifications. Roanoke Redevelopment and Housing Authority will determine qualified home buyers, provide pre- homeownership counseling and provide home maintenance training. RRHA will walk with you each step of the way on your path to becoming a homeowner.
Those eligible potential home buyers will be assisted with helping to prepare them for the purchase of their first home. Topics covered include bank credit requirements, credit report issues, employment stability, debt load and debt reduction, and how to use a tax return to further the goal of homeownership.
- Minimum income of $18,000.00
- Good rental history
- Acceptable credit report
- Ability to purchase the home within three years
Section 8 Homeownership Program
The Section 8 Homeownership Program allows a family to purchase a home for approximately the same amount of rent that is currently being paid to a landlord. Once a mortgage company approves a borrower's application, the Section 8 voucher payment is applied to the mortgage payment rather than a rent payment.
Section 8 Homeownership Program Qualifications
- Be a current holder of an RRHA issued Section 8 Voucher.
- Have an income of $18,000.00 (elderly and disabled are exempt).
- Have steady full time employment for no less than 12 months.
- Be a first time homebuyer.
- Be in compliance with the current lease (not owing landlord any money, no tenant violations).
- Have 1% downpayment saved and in the bank.
- Not have high existing debt which would prevent obtaining a mortgage.