Home Ownership in Chicago>Question Details

Caitlincarte…, Home Buyer in New York, NY

I'm trying to rent to own a house using my section 8.

Asked by Caitlincarter89, New York, NY Mon Aug 4, 2014

Hi guys! I'm caitlin and I trying to find a home I can rent to own. Heres the tricky part, I want to be able to use my section 8 towards the payments. I'm also looking for an up to date home. My question is are there any sellers that are willing to do this in the Chicagoland area. If so I would really appreciate the info. Thanx

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Answers

3
Hi Caitlin,

Give me a call I'll help you to find a home you can rent to own.

Shaunta Gray
Coldwell Banker Residential
773-766-2841
0 votes Thank Flag Link Thu Aug 21, 2014
Call me, I have some info for you that seems to fit
the description. You may also email: zemahotta@yahoo.com

And please put "Section 8" in the subject line.
0 votes Thank Flag Link Sun Aug 17, 2014
I do not live nor ever lived in Chicago area but your question applies to any place. Here's some useful information that you answer your question.

"Section 8 voucher recipients wishing to use their vouchers to enable their home purchases fall under HUD's Homeownership Voucher Program. In the Golden State, the California Housing Finance Agency, working through local PHAs, administers the HUD homeowner voucher program. If you're a Section 8 recipient and interested in purchasing a rent-to-own home, for example, your first stop is a participating PHA. Remember, rent-to-own homes usually are rented first and then eventually purchased.

HUD's Section 8 Homeownership Voucher Program is administered by participating PHAs throughout the country, and there's an extensive list of HUD-approved PHAs in California that participate in this voucher program. Golden State PHAs, though, have the final say when it comes to HUD's Section 8 homeownership vouchers. Homes being purchased under the Section 8 Homeownership Voucher Program must meet HUD qualifying standards and be inspected by the local PHA before purchase.

California Section 8 homeownership vouchers are applied to a qualified recipient's home-related expenses, such mortgage payments and insurance. California's program requires eligible Section 8 homebuyers to pay at least 30 percent of their income toward their homeownership with Section 8 paying the rest. If you're going to try purchasing a rent-to-own home using a Section 8 homeownership voucher, the process may be a bit complicated. Keep in mind that you're actually not purchasing your rent-to-own home for about one to three years.

When you purchase a rent-to-own home, you're doing so in a two-step process that involves a leasing period followed by a purchase. While you're in your leasing or "tenancy occupancy" period in a rent-to-own home, you're paying rent. A portion of the rent you're paying will be set aside to accumulate for your future down payment. Unfortunately, Section 8 recipients wanting to purchase rent-to-own homes could have difficulty in finding willing sellers.

The two-step process involved in a rent-to-own home process is complex because of purchase requirements. If you're a Section 8 recipient wanting to purchase a home, it might make sense to consider other home-purchase alternatives. California's Section 8 homeownership vouchers can be used in conjunction with other homebuyer assistance programs, especially for lower income first-time homebuyers. For instance, eligible California Section 8 recipients may be able to use the state's first-time homebuyer down payment assistance loans to purchase homes."
Source: http://homeguides.sfgate.com/section-8-housing-allow-people-…

I hope this was helpful :)

Irfan Rizvi
Century 21 Desert Rock
760-900-7335
myagentirfan@gmail.com
0 votes Thank Flag Link Mon Aug 4, 2014
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