Does Section 8 Check Your Bank Account

Last year his mother passed away and bequeathed him 3500 in stocks.

Does section 8 check your bank account.

Yes they can ask for it but you can ask them why they need it. 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. If the family does not receive any income it will not affect the section 8 voucher. 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.

That said your question implies fraud and you need to be very careful what you say to whom. 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. 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. The purpose of this program is to grant housing choice vouchers to individuals who meet certain criteria.

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. Jim holds a section 8 voucher and pays 150 each month in rent. This review is used to ensure that you have fully met the guidelines established by the department for entrance into their aid programs. But if you take that lump sum payout and drop it into your bank account it then becomes an asset like any other money you have there.

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. Your local section 8 housing people can answer the details of your exact permissible limits. 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. The section 8 program is run by hud.

In order to obtain access to a borrower s bank account information hud must obtain your. Tenants with significant savings do not usually qualify for housing support. Phas will not take into account the value of the actual asset.