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Lease/Purchase Homeownership

The purpose of this program is to provide homeownership opportunities for low to moderate income families residing in Public Housing, Section 8 programs, and tenants from privately owned housing. The applicant must meet selected criteria such as income and buyer background qualifications. Roanoke Redevelopment and Housing Authority will determine qualified home buyers, provide pre- homeownership counseling and provide home maintenance training. We will walk with you each step of the way on your path to becoming a homeowner.

A Finance Specialist counsels potential home buyers helping to prepare them for the purchase of their first home. Topics covered include bank credit requirements, credit report issues, employment stability, debt load and debt reduction, and how to use a tax return to further the goal of homeownership.

Once the buyer is ready to buy, they choose a plan and a site from the seven sites currently available in the Roanoke area. Each buyer has a catalog of options to choose from including carpet color, vinyl flooring, countertops in the kitchen and bath, siding and roof colors.

Lease/Purchase Qualifications

Minimum income of $18,000.00
Good rental history
Acceptable credit report
Ability to purchase the home within three years

Section 8 Homeownership Program

The Section 8 Homeownership Program allows a family to purchase a home for approximately the same amount of rent that is currently being paid to a landlord. Once a mortgage company approves a borrower's application, the Section 8 voucher payment is applied to the mortgage payment rather than a rent payment.

Section 8 Homeownership Program Qualifications

Be a current holder of a Section 8 Voucher participant.
Have an income of $18,000.00 (elderly and disabled are exempt).
Have steady full time employment for no less than 12 months.
Be a first time homebuyer.
Be in compliance with the current lease (not owing landlord any money, no tenant violations).
Have 1% downpayment saved and in the bank.
Not have high existing debt which would prevent obtaining a mortgage.

Credit Assistance

American Credit Counselors

TAP - IDA Program

AM I ELIGIBLE?

Would you like to live at Villages at Lincoln?

To learn about the Lease/Purchase Program and Section 8 Homeownership Program Qualifications:

“With the Lease/Purchase Program, we were able to focus on what we needed to do to own a home. Now I can focus on my plants and Leroy can focus on his yard!”