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The United States government insures millions of home loans every year. Thousands of loans default and assets are returned to the federal government for liquidation. The homes are sold as-is and may not be in move-in condition.

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Section 8 Program

Section 8 is a term used by the U.S. Department of Housing (HUD). It is housing designation that follows the rules and regulations of HUD and is reserved for families in need of housing assistance. HUD issues what is called a Housing Choice Voucher, which is intended to offset the costs of housing for low-income families. Local Public Housing Authorities (PHA) administer these vouchers as well as designate the appropriate properties.

Normally families are able to choose from a list of section 8 properties or from independent properties if the owner agrees to rent under the HUD guidelines. Those seeking public housing vouchers must seek approval from the local PHA office. Generally speaking those eligible for the housing vouchers are families whose household income does not exceed 50% of the median income for the specified county or area. However, by law seventy-five percent of all vouchers must go to families whose income does not exceed 30% of the county median income.

Once a voucher has been issued the PHA then determines the appropriate rent based on "a moderately-price dwelling unit in the local housing market." They will then issue what is called a "payment standard." For those looking to apply, keep in mind that there may be waiting lists as demand many times exceeds funds available.