Hello all, I am a beginner, and am at a bit of a crossroads right now...
I would like to invest in a HUD home (either live there OR if i can find a great deal open to all bidders, scoop it up and repair it). However, as a single parent and a student, I am eligible for housing vouchers.
My first question is, am I able to pay mortgage on a HUD home with housing vouchers? I know that both programs are run through the same organization, just not sure exactly how that would work.
My second question is, if I began by living in the home using vouchers, would I be able to rent the home out at a later time? So basically, will I be able to have that assistance as I live in, fix up, and build equity in a home, knowing that I will be a short-term occupant?
Hope that makes sense! Thanks!
Does your local housing authority have a home ownership voucher program? Some do, and you might be able to tap into that. They would have rules on how long you need to owner occupy, as does any subsidized purchasing programs or owner occupied loans you'd potentially use. Otherwise I think you need to choose between being a renter with a voucher or a homeowner with no voucher. You might be able to rent to own or live in a rental and buy an investment property, but think I'd struggle with that ethically. Hope that helps a little.
Yes I mean home ownership vouchers... The county I live in gives a choice of finding a home, apartment, or using a voucher for your current residence. Not trying to swindle the system, just seeing if I could use it to my advantage! Thanks for your response!
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