Section 8 Homeownership

The Homeownership Program is offered to eligible Caribou Housing Authority Voucher participants and allows participants to have their housing subsidy applied towards a monthly mortgage payment after a home is purchased.  Participant who wish to join the program must meet certain eligibility requirements and when deemed eligible they are required to attend a homeownership orientation and education course order to prepare for homeownership.  Participants select homes for purchase and secure their own mortgage financing through a lender.

SIMILARITIES BETWEEN RENTING WITH SECTION 8 AND HOMEOWNERSHIP

  • Participants contribute 30% of their monthly adjusted income towards either their monthly rent and utilities or a mortgage payment and utilities
  • The Payment Standard amount for mortgages based on family size.  This is the same Payment Standard for renting an apartment/house.

ELIGIBILITY REQUIREMENTS

  • Must be a resident in “good standing” with no lease violations or outstanding rent payments
  • Must not owe money to Caribou Housing Authority or any other housing authority
  • Must be a first-time homebuyer or not have owned a home within the last three years
  • Must meet minimum annual income requirements:
    • Elderly & Disabled Families:  $9,000 per year
    • Other Families:  $14,500 per year
  • One adult family member must be employed full-time (32 hours/week)  (Elderly & Disabled families are exempt from this requirement)
  • Must successfully complete a 10-hour Homeownership Education class offered through ACAP

DURATION OF MORTGAGE SUBSIDY

  • 10 Years for Non-Elderly or Disabled Families
  • Life for Elderly and Disabled Families

FOR MORE INFORMATION