Rental Basics in 07206>Question Details

Lenora, Renter in 07206

Is it possible to take advantage of an option to buy (rent to own) with a Section 8 voucher?

Asked by Lenora, 07206 Tue Jun 4, 2013

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3
Rent to buy favors the seller, not the buyer and is too iffy considering the unknown future.... what if the property is worth less in the future and you cannot get financing, especially being on section 8. Sellers offering 'rent to own' are having trouble selling, almost by definition. Be careful.
1 vote Thank Flag Link Sun Sep 22, 2013
The rule of thumb for housing, buying or renting, is housing monthly ccsts should be less than 36 times your annual gross income. $1200 a month, $43,200 household annual income. Lenders and landlords use this ratio to judge the risk they take with loaning money and leasing their property. Other factors can alter that number such as car loans, student loans, consumer debt, children or child support debt. Be mindful of extras such as utilities, parking fees, renters insurance premiums; many auto insurers offer renters coverage at bargain rates. Good luck. It is needed ever since the last war on poverty of the 1960s, the gap for all of us on the bottom has been growing away from the upper tiers. Minimum wage should be about $15 hour now, but as you know our governor keeps it at $7.40. But that is another story isn't it?
Flag Mon Sep 23, 2013
The rule of thumb for housing, buying or renting, is housing monthly ccsts should be less than 36 times your annual gross income. $1200 a month, $43,200 household annual income. Lenders and landlords use this ratio to judge the risk they take with loaning money and leasing their property. Other factors can alter that number such as car loans, student loans, consumer debt, children or child support debt. Be mindful of extras such as utilities, parking fees, renters insurance premiums; many auto insurers offer renters coverage at bargain rates. Good luck. It is needed ever since the last war on poverty of the 1960s, the gap for all of us on the bottom has been growing away from the upper tiers. Minimum wage should be about $15 hour now, but as you know our governor keeps it at $7.40. But that is another story isn't it?
Flag Mon Sep 23, 2013
The rule of thumb for housing, buying or renting, is housing monthly ccsts should be less than 36 times your annual gross income. $1200 a month, $43,200 household annual income. Lenders and landlords use this ratio to judge the risk they take with loaning money and leasing their property. Other factors can alter that number such as car loans, student loans, consumer debt, children or child support debt. Be mindful of extras such as utilities, parking fees, renters insurance premiums; many auto insurers offer renters coverage at bargain rates. Good luck. It is needed ever since the last war on poverty of the 1960s, the gap for all of us on the bottom has been growing away from the upper tiers. Minimum wage should be about $15 hour now, but as you know our governor keeps it at $7.40. But that is another story isn't it?
Flag Mon Sep 23, 2013
I am working on my degree so I will be working soon and will probably make too much to be on Section 8. That's why I was wondering because I really want to by a house but I am sure its going to be a steep climb even once I am gainfully employed
Flag Sun Sep 22, 2013
No But the state of New Jersey does offer many programs if you can qualify to obtain a mortgage.
1 vote Thank Flag Link Wed Jun 5, 2013
I've never heard of that. How will you qualify for credit? Your Section 8 voucher is only good if you don't make enough money. You are supposed to get OFF the program if you make enough or NOT be eligible for Section 8 housing assistance if your income is sufficient to pay you own expenses. Please let me know if some one else has an answer with a different outcome. Saying "why not" is NOT an answer.
0 votes Thank Flag Link Wed Jun 5, 2013
Yeah, just a random question. While looking for a rental, i always see "option to buy" for house rentals. I just had no idea how it worked.
Flag Thu Jun 6, 2013
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