Home Buying in 44311>Question Details

Gloria, Other/Just Looking in Akron, OH

Can a section 8 voucher be used for a rent to own property?

Asked by Gloria, Akron, OH Fri May 17, 2013

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Paula Willey’s answer
Hello! Here is what I found . . . "A housing subsidy is paid to the landlord directly by the PHA on behalf of the participating family. The family then pays the difference between the actual rent charged by the landlord and the amount subsidized by the program. Under certain circumstances, if authorized by the PHA, a family may use its voucher to purchase a modest home." Here is the link to the article . . . http://portal.hud.gov/hudportal/HUD?src=/topics/housing_choi…

If I were you, I would first check to see what this means " . . . a family may use its voucher to purchase a modest home." You must keep a few things in mind when considering a Rent To Own . . . 1) Typically, there is a down payment amount. This payment varies greatly, however, it usually ranges from $3,000 to $5,000; 2) HUD has restrictions and requirements on housing, so this could cause an inconvenience to the Seller; 3) Rent To Own properties are not as readily available as one may think, so it could take some time to find a home, even if HUD approves it.

Have a great weekend :)
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