The Homeownership Voucher program is designed by the government to assist first-time homebuyers with making their mortgage payments as well as other homeownership expenses. This program is available for individuals who have used rental assistance and can apply their vouchers for rental assistance toward the purchase of a home; income requirements must be met along with any other eligibility requirements if the local public housing agency participates in the program. For those who do not currently have vouchers for rental assistance, they may apply directly to the local public housing agency.
The Housing Choice Voucher program is a rental assistance program that is designed by the government to assist the elderly, disabled and families with very low incomes with finding a decent home in the private market that is safe and sanitary. These participants can find houses, townhomes or apartments as part of the program. The subsidy for the housing is paid directly to the landlord of the home that is chosen on behalf of the tenant. The participating family is required to pay the difference between the paid subsidy and the actual rent that is charged by the landlord.
The Making Home Affordable program was designed by the Obama administration in February of 2009 as part of a comprehensive financial stability plan in an effort to get the economy back on track. This program is designed to help homeowners who are struggling avoid foreclosures and obtain relief as a plan to stabilize the market. The Home Affordable Modification program is designed to help homeowners modify their mortgages so that the payments are more affordable. The second lien modification program is designed to provide homeowners with an opportunity to modify their second mortgage while the first mortgage is under the Home Affordable Modification program. The Home Affordable Refinance program lets homeowners refinance their mortgages if owned or guaranteed by Freddie Mac or Fannie Mae. The Foreclosure Alternatives program lets homeowners move through a deed in lieu of foreclosure or a short sale to avoid foreclosure.