Three of the Most Attractive Affordable Housing Options

COVID-19 may make people think that they are going to be forced on to the streets, but fear not, as there are many options for you to choose from if you are in a financially tight situation.

  1. Housing As a Social Service

Social welfare is endless in providing to those who are in need and one such program that is currently helping many is public housing, which is basically a housing assistance option that is government-owned or owned by legally registered non-profit organizations.

  1. Section 8 Assistance

As per requirements specified on the HUD website, you may be entitled to get Section 8 Assistance which provides vouchers to those who qualify. The program is known for being extremely flexible, since you can move to any property where the vouchers are considered as an acceptable form of financial assistance.

  1. Subsidized Private Residential Properties

Believe it or not, there are good Samaritans out there and some even in the private sector. Some private property owners have made agreements with the government to provide subsidized housing for those who need it the most. Owners are thereby compensated for the difference in a variety of ways.

What Else Can You Do

The sad reality is that the government can’t always provide assistance for everyone because not all who apply qualify and the government does not have endless resources at their disposal. If you’re in a bind and yet do not qualify for any above mentioned programs, please consider the follow options:

  • When looking for a property, you can significantly reduce the price if you get one that has less bedrooms and amenities. The goal is to specifically look for that which you need rather than what you want.
  • Facing the possibility of being homeless? The Temporary Transitional Housing programs can offer you a lot of assistance if your situation is that serious.
  • You could look into getting a Federal Housing Administration (FHA) loan (FHA), but take note that the assessment requires that you have a good stable employment history and a reliable credit record, in addition to a number of other factors that are needed to qualify.
  • If you are interested in a house that you are eventually aiming to own but you don’t have the money for it, you can sign a rent-to-own agreement with the seller. This is especially useful if you have bad credit and won’t be able to immediately qualify for a loan. The agreement allows you to spend a period of time living on the property as a tenant, which gives you a window of opportunity to improve your credit score just enough to eventually qualify for a home loan to help you buy the house.