Section 8 Homeownership Program

This program is only for current HASCO voucher holders. If you are interested in getting a voucher through HASCO, please download a housing application.

How does Section 8 Home Ownership work?

The Section 8 Homeownership Program is an opportunity for Section 8 clients at the Housing Authority of Snohomish County (HASCO) and Everett Housing Authority (EHA) to use their housing voucher to help secure a purchase assistance loan to help buy their first home. Families increase their buying power by up to $75,000 with their voucher. This is not a lease-to-own program. Families buy open-market homes in Snohomish County. The program is made possible through a partnership with HomeSight, a nonprofit housing development corporation and HUD certified counseling agency.

Families participate in an intensive first-time homebuyer education and financial counseling program with HomeSight. HomeSight educates and underwrites buyers. HomeSight teaches families how to clean up their credit, save for their down payment (about a minimum of $2,500 plus 2 months' payments for reserves), figure out what they can afford to buy, and refer them to a HomeSight qualified Realtor.

Classes cover budgeting, credit, qualifying for a mortgage, selecting and working with a real estate agent, predatory lending tactics, the mortgage process, mortgage default prevention, home maintenance, and neighborhood and community involvement.

In addition, buyers meet one-on-one for at least one and a half hours of individualized financial counseling with HomeSight staff.

How does the voucher work?

After completing the HomeSight program, buyers get a first mortgage from a bank with payments of about 30% of their monthly income. They get a second mortgage from HomeSight that is repaid by the voucher, usually within 15 years. HomeSight will lend Section 8 buyers up to $75,000 as a second mortgage.

Who is eligible?

At time of home purchase all participants in the Section 8 Homeownership program must:

• Be a first-time homebuyer or cooperative member
• Have received a Section 8 voucher in Snohomish County for at least one year
• Have at least 12 months of clean credit
• Have any bankruptcy discharged for at least four years with no derogatory since
• Have completed the HomeSight education and counseling program
• Have an annual income of at least $25,000 per year
• Be continuously employed for at least two years in the same line of work unless elderly or disabled

What can we buy?

Any home on the open market in Snohomish County priced below $362,790.  This can be a house or condominium unit. Homes on leased land are not allowed unless the land lease is for at least 40 years.

What should I do next?

If you have additional questions about using your voucher to purchase a home, please contact your Housing Coordinator at HASCO for more information.

If you are interested in buying a home in Snohomish County and do not have a voucher, please contact HomeSight.