Turning Vouchers into Equity: The NJ Section 8 Home Ownership Program

For participants in the New Jersey Department of Community Affairs' (DCA) Housing Choice Voucher Program, the monthly voucher does not just have to go toward rent. Through the Section 8 Homeownership Program, eligible families can apply their voucher directly toward homeownership expenses.

How the Program Works

If approved, your Housing Choice Voucher is used to help pay for your principal and interest on mortgage debt, property taxes, insurance, utilities, and other homeownership expenses. Eligible families can receive up to 15 years of assistance on a mortgage of 20 years or more (or 10 years of assistance for shorter mortgages), while elderly or disabled households face no such time limits.

Key Requirements to Participate

• You must be a first-time homebuyer (meaning no one in the household has owned a home for at least three years).
• You must be continuously employed full-time for at least one year and have an annual earned income of at least $20,800 (this does not apply to elderly or disabled heads of household).
• Buyers must provide a minimum 3% down payment, and at least 1% of the purchase price must come from the family's own personal resources (like a savings account).