Hi guys thanks for sticking with me Until this part of the series which is How to get a home with no money so if You haven't seen the first two parts of The series one is more for investment Property one is for your personal Residence and today we're going into how You can get a free house not even making Payments okay if you qualify for Section 8. we're just already gonna like this Video okay because it's gonna be a good One this is gonna change people's life If you know somebody who's on Section 8 Send this video to them like right now This is an incredible opportunity if You're not aware of what section 8 is You're probably not going to qualify It's a program through the government And they give you rental vouchers to Help pay your rent and that rent goes Towards somebody's mortgage so it's Already going to a mortgage and if you Qualify for Section 8 you can actually Get a free house literally free yeah Share this with a friend share this with Somebody who this can help because like I said in my first video the reason why Ninety percent of millionaires have real Estate is because it's a way to build Wealth so we're gonna be helping some People today helping some lives and Hopefully making a difference with this Video definitely already give this video A like comment below if you're ready
Let's get into it [Music] Alright so if you haven't seen my last Video about the NACA program it is United States best mortgage program out There if you do not have money and you Do not have good credit definitely go Check that video out because it is an Incredible opportunity especially if you Are not Section 8 go check that video Out but I'm not going to go a ton into NACA but we're going to talk a little Bit about NACA NACA stands for the Neighborhood Assistance Corporation of America and pretty much what they do They're trying to bridge the gap between Home ownership in urban areas and rural Areas they mostly focus on lower income To moderate income home buyers and what Is great about this program is when you Buy a house through the banaca program You don't have to have any down payment Zero like zero the reason why most People who want to buy a house can't buy A house is because of the down payment Most of my renters they would love to Buy a house but they don't have the down Payment however when you're renting You're already paying a mortgage so you Can afford to pay the mortgage but you Don't have the down payment payment or Maybe your credit's not very good so Even if you have perfect rental history Where you pay on time every single month
So you could in theory afford mortgage You 100 could afford a mortgage because You're already paying for a mortgage This program bridges that gap for people That don't have good credit and don't Have a down payment so you don't have to Have a down payment you do not have to Pay closing costs your lender will pay That for you and you don't even need to Have home insurance how the Section 8 Part goes into it they have a program Called hot H-o-t-p-h-a hot PHA and that program is Where you can actually apply through the NACA program where you have a house that You want to buy zero down payment zero Closing costs and no home insurance and Actually use your vouchers to pay for The mortgage and for anybody that's like Hey that doesn't sound fair well Technically when I have tenants who are On Section 8 their voucher goes to pay For my mortgage that's what it goes to Whatever their mortgage voucher goes to It helps pay for the mortgage the Interest and Insurance the taxes so all This program is doing is taking that Same voucher that they're already Getting from the government and saying Okay you can use that towards a house That you pay for yourself or you buy Yourself I should say and at the end of It you can have a house for your family That you live in instead of having to
Always have your rent go up instead of Having to be kicked out or whatever the Case may be you actually have a house in Your family and like we said uh real Estate builds wealth definitely check Out my first video where I show you how I bought a house for sixty seven Thousand dollars I put five thousand Dollars in and now it's a successful Running Airbnb that I gross three Thousand dollars a month real estate can Change your life and this program is Going to be changing people's life and It already has changed people's life There's a few things you have to do to Be able to qualify for this program but It's not much it's a really great Program let's get into it okay you're Gonna go to the NACA website this is it Right here naca.com NACA Dash hot Dash PHA Dash program I'm gonna put a link Below this is the direct website here so It's the NACA hot page a program the Home ownership through public housing Assist instance essentially you're going To be taking your section 8 vouchers and Paying the mortgage off with this Program this is incredible and changing People's lives so you can only use this Program for I believe 20 years a 20-year Term but they have mortgage programs That are 15-year programs so you can pay It off in 15 years which means literally Your section 8 voucher paid your entire
Mortgage which is pretty crazy and Hopefully something like this at the end Can really set you up in a position Where you are in a really good place in Life and can pass this house on to your Children Etc etc going through all of this Program there is a lot you can read here But you know take the time to read Through it but essentially they're Trying to focus on low income to Moderately low-income borrowers and if You're in the section 8 program then you Qualify already these are the Extraordinary terms that you will have If you go through the NACA hot PHA Program zero down payment zero closing Costs you your lender pays that zero Fees zero mortgage insurance loan to Value they are lending a hundred percent Of the purchase price and a hundred and Ten percent of the purchase price with Rehab so if you buy a house that needs a Little bit of rehab they got you they'll Even pay for the construction cost part Of it 110 credit score they're not going To look at your credit score it's not Considered your interest rate is Actually below the market value and it Is a fixed rate they have a 20 to 30 Year term they have an interest rate buy Down so each one and a half percent Permanently reduces your rate by a Quarter per percent property types you
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Can buy a single family you can buy a Condo you can buy co-ops you can buy new Construction or existing construction I Don't say anything here that you can't Buy multi-family because new Construction or existing construction Would fall into multi-family so I'm just Saying if anybody lives in an area where Multi-families are not very expensive This could be a great option payment History reasonable on time payment History for payments participants have Have reasonably control over the past 24 Months with focus on the last 12 months Even though they're not looking at your Credit score they do want to make sure You're actually responsible borrow and You're making on-time payments for Things that you can't control another Thing I notice on here that they are Looking at is your debt ratio which can Be very high for some people's Participants Payment Plus participants Monthly liabilities divided by the Participants gross monthly income not Exceeding 43 so if you're like what the Heck did you just say when you apply for This program you can do the calculation With the person you're working with with The lending officer that you're working With so they'll be able to tell you what Your percentage is if you want to do This ahead of time you're just going to Take your payments plus your debts
Divided by the gross income that you are Making they also want to make sure that You have minimum required funds Participants funds for the home Inspection reserves and prepaid so you Need to have a little bit of funds but I Don't think you actually have to pay Anything for employment they want to Make sure you have steady employment for At least 24 months unless you're Disabled or retired if you're disabled Or retired you can still qualify for This but if not they want to make sure You have at least 24 months with the Likelihood of continuation of this job If you have collections on your account They want to make sure that was resolved In the last 24 months and it must the House itself must pass inspection by the HUD and a license inspector after that To participate in the program itself There are a few different things you Have to do like uh participate in Counseling stuff like that to Participate you have to meet and Continue to meet the requirements you Cannot be in default on the rental or Housing payments must have a minimum of 12 months of on-time rental housing Payments which if you are you know Paying through HUD you know I would Imagine that's all taken care for you Participants must have steady rental Occupancy without frequent changes
Demonstrating responsibility and Readiness for long-term home ownership That's a great one minimal hourly wage Multiplied by 2 000 hours minimum Average of 30 hours per week for at Least a year and attend a NACA home Buyer Workshop you can read through the PHA requirements I'm going to leave that On the screen the requirements One thing they do talk about is the NACA Housing counselor provides comprehensive Budget and housing counseling preparing Participants for home ownership they do Continue to have you in support and Going through classes to how to take Care of your home how to budget how to Be you know do the right things for your House all right so definitely go through The website to learn more information Y'all should definitely be applying for This if you are on HUD or Section 8 you Definitely should be applying for this If you also go down to the frequently Asked questions in the naca.com website If you go down to can I purchase a home Through Knack if I'm receiving Section 8 There you go the answer is yes Provides an extraordinary benefit for People with Section 8 voucher called Home Ownership through public housing Assistance the member would use their Section 8 voucher to make the mortgage Payment since Section 8 holders Purchasing a home with a 30-year
Mortgage can receive the Section 8 Voucher benefits for 15 years okay Here's the kicker the hot PHA program Pays off the mortgage in less than 15 Years Knack is able to help members Achieve this by using the Section 8 Monthly payment to pay the mortgage Payment or Piti plus any additional Principal the member would need to meet All the other NACA underwriting and Qualification requirements to date the Housing authorities are utilizing the Hot PHA program there you go brothers And sisters that is the NACA program Through Section 8 vouchers this is a Credible opportunity to gain wealth in Your family if you are on Section A this Could change your life for the better And I am a huge advocate for home Ownership I believe every family should Own a home because that will change your Life and change your family's future for The better if you found any value in This video let me know in the comments Below I love enter interacting with you Guys leave me a like that helps my Channel grow get this information out in Front of more people and subscribe to my Channel if you haven't already we have Information just like this every Monday And Thursday don't forget to share this With a friend I will see you guys in the Next video bye Okay
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