Section 8, formally known as the Housing Choice Voucher Program, is a government welfare program that provides housing vouchers to qualifying low-income families to reduce the cost of housing.
Funded by the United States Department of Housing and Urban Development (HUD), Section 8 is an invaluable resource that ensures that low-income families continue to have access to decent, sanitary and safe housing opportunities. Section 8 benefits can only be provided to families that meet the program’s eligibility requirements.
As an income-based program, families cannot exceed the income limits that are determined by their community’s median income level. Therefore, income limits vary between counties and metropolitan areas.
Section 8 applicants must also meet eligibility requirements concerning citizenship/immigration status, family composition and rental history to qualify.
If interested in housing assistance, you must contact your local Public Housing Agency (PHA). PHAs administer housing vouchers on a local level and determine the eligibility of applicants. Depending on how many applications your PHA has received, you may or may not be able to receive help right away. If your family is approved for benefits, you will either receive benefits immediately or be placed upon a waiting list until further funding comes available.
Learn About Your Options with HUD Loans
HUD home loans assist low-income households in becoming homeowners. The HUD is one of many federal departments striving to help low-income families get into the home of their dreams by providing comprehensive loan programs and access to affordable homes. This is done in several ways.
For starters, low-income families can save money on the purchase of a home by selecting a HUD home. HUD homes are homes that were previously foreclosed upon that were part of the FHA loan program.
Houses are commonly sold beneath the market value for the home to entice a quick sale for the HUD to regain some of the resources lost in the foreclosure.
A HUD home loan application can be completed with a private lender that is approved by the HUD, as the HUD does not provide mortgages directly. You may be able to get qualified for a home loan with bad credit by participating in a federal loan program, such as the FHA loan program. This program assists low-income families, as well as individuals with poor credit scores, qualify for a mortgage.
FHA loans offer incentives to lenders to reduce mortgage eligibility requirements by insuring the loan and, thus, reduces the risk to the lender. Additional bad credit home loans options include loan programs offered by the USDA and the VA.
Before searching for mortgage loans for HUD homes, it is worth taking the time to learn more about the Good Neighbor Next Door program. Administered by the HUD, this program provides substantial discounts off the cost of a HUD home for qualifying first responders and teachers.
After downloading our informative guide, you will gain the opportunity to review a wealth of information about the resources and programs that you may qualify for. Our team of experts will provide you with this information over the next few days, so be sure to keep an eye on your inbox.
Until then, it is worth taking the time to review several ways that you may be able to reduce your monthly expenses, gain access to higher education and obtain affordable health insurance.
Learn How to Monitor Your Credit Score & How to Obtain a Full Credit Report
Your credit history report is a compilation of your financial records, including the amount of debt that you currently owe, the types of credit that you have, your payment history and the length of time that you have had your open credit accounts.
Your credit score is composed of this wealth of financial information. A credit score is a three-digit number that indicates your creditworthiness and helps lenders determine whether or not you are a risky customer. The higher your credit score, the more likely you are to be approved for a loan and the lower your interest rates will likely be.
The information found on your credit report that has the most significant impact on your credit score includes your:
- Payment history, including whether or not any of your accounts are currently in default and if you a history of late payments.
- Credit utilization, which is a percentage found by comparing the amount of money that you owe against your total credit limits.
- Age of credit, which indicate the length of time that you have held each of your open accounts.
- Type of credit, including mortgages, auto loans and lines of credit.
- Hard inquiries, which will indicate if you have recently applied for several loans.
You can obtain your full credit report along with your current credit score in several ways. You can request a free credit report from one of the three major credit bureaus each year. Alternatively, you can request additional reports for a free or utilize credit monitoring websites, such as creditkarma.com and nerdwallet.com.
Discover How to Qualify for Discounted Services to Reduce Monthly Expenses
If you need cheap cable and internet, you can start by reviewing your current monthly statement. Consider the current speeds of your internet and your channel lineup to determine if you can save money by reducing your package with your current provider. It is also recommended that you contact your provider to see if you qualify for additional discounts or a contract promotion.
Alternatively, you can find cheap cable TV for low income households by comparing the providers in your area with your current provider to find the best deal available.
You can acquire low income car insurance by contacting your insurer and determining whether or not you qualify for any additional discounts such as a multi-policy, defensive driving or safe driving discount. While speaking with your insurer, it is also recommended that you review your current policy details to determine if your policy includes more coverage than what you might need.
Low income home loans are available to families who meet income guidelines. These loan programs can assist those with lower income in becoming homeowners by reducing a lender’s eligibility requirements, including minimum down payment amounts. It is worth taking the time to learn about programs offered by the VA, FHA, HUD and USDA.
About Government Grants
Government grants are monetary awards that do not generally need to be repaid, so long as grant money is used towards its intended purpose and applicants meet any continuing eligibility requirements. Each type of grant program includes its own set of eligibility requirements and grant purposes. Therefore, it is essential to learn more about each grant program that you might qualify for before you submit an application.
If you are a student or would like to obtain a higher education, you may qualify for one of several educational grant programs, including the Pell Grant. These grants can be used towards the cost of tuition and other educational expenses. In some cases, they may also be used towards the cost of housing while attending school.
To qualify, you must meet income and academic-based guidelines.
The United States Department of Agriculture provides Section 504 Rural Housing Repair and Rehabilitation grants and loans to households that require certain repairs or renovations. To qualify for an award, your family must have at least one senior citizen living within the home and your family’s annual income must not exceed income limitations.
Furthermore, the repair or renovation that you would like to have completed must be to remove a health or safety hazard or to accommodate a disability.
Veterans with a service-connected disability can also qualify for grants from the Department of Veterans Affairs (VA). Awarded grants can be used towards the purchase of a new home or renovations on an existing home to accommodate a disability. To qualify, applicants must meet qualifications regarding their service-connected disability, discharge status and other requirements.
If you qualify for any type of government grant, you must use the grant funds in the way that they were intended. Should you misuse awarded grants, your grant will likely be converted to a loan and you will be required to repay the loan in full.
Learn About Obtaining Affordable Health Insurance
Cheap health insurance is obtainable, even if you have little to no income. There are several health insurance options that you may qualify based upon factors such as your income, the state that you reside within, your family composition and your age. By learning more about these opportunities, you can make an informed decision when it comes to your health insurance coverage.
One cheap health insurance option that is available to millions of low-income Americans each year is Medicaid. The Medicaid program is a federal health insurance program that provides coverage to low-income persons at little to no cost.
Medicaid coverage options and eligibility requirements have some variation between states. However, you must be considered low-income to qualify for benefits. Some state programs impose other conditions, including a categorical requirement where you must either be a pregnant woman, elderly person, a disabled person or the caretaker of a dependent child living within the home.
While Medicaid assists low-income families of all ages, Medicare provides affordable health insurance to senior citizens and disabled persons. Medicare offers comprehensive plans that beneficiaries can choose from by choosing the “parts” of Medicare to include within a policy. Not only is Medicare cost-effective, but participants who are eligible for Medicaid can receive a reduction or elimination of their Medicare costs.
You can find a list of health insurance quotes after completing an application on the Health Insurance Marketplace. After providing your personal information and your income details, you will be able to scroll through policies that are available within your area.
Your estimated premiums are based upon your income as low-income individuals will automatically obtain tax credits that reduce overall premium costs. Additionally, the Marketplace will notify you if you may qualify for a health insurance program, such as Medicare or Medicaid, and forward your information to your local office.