Does Section 8 Check Your Bank Account

The issue is not likely to be what your bank account balance is but rather what total assets you have regardless of whether you put them in the bank or under your mattress.

Does section 8 check your bank account. Hud section 8 has the right to ask for access to bank accounts to verify that tenants do not have excessive reserves in their bank accounts. To even be considered to receive a voucher the individual must meet four basic criteria which includes their family status income level citizenship and eviction history. I read that assets are not counted unless an income is earned from said assets like interest. In order to verify your eligibility for hud assistance administrators from the department have the authority to review your bank account information.

My family of 3 is low income make less than 40 000 but i have quite a bit of money in my bank account due to saving as much money as i can. This review is used to ensure that you have fully met the guidelines established by the department for entrance into their aid programs. Tenants with significant savings do not usually qualify for housing support. Phas will not take into account the value of the actual asset.

Your local section 8 housing people can answer the details of your exact permissible limits. In order to obtain access to a borrower s bank account information hud must obtain your. That said your question implies fraud and you need to be very careful what you say to whom. However your bank account number is on every check you write so if you pay your rent or any application fees via check they ll get it anyway.

If your total amount of assets is then 5 000 or more section 8 will look at that amount versus your annual income and base your eligibility and rent on the greater of the two. Jim holds a section 8 voucher and pays 150 each month in rent. The purpose of this program is to grant housing choice vouchers to individuals who meet certain criteria. Yes they can ask for it but you can ask them why they need it.

I read that section 8 only counts income to determine eligibility so i think that means i will be okay. Keep in mind if you put that money in the bank or invest it you ll then be earning interest on it so your annual income will also increase. Last year his mother passed away and bequeathed him 3500 in stocks.