how do I rent to own with section 8?

Asked by Cait88, Pittsfield, MA Fri Jul 29, 2011

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keisha200669’s answer
keisha200669, Renter, Lebanon County, PA
Mon Jan 14, 2013
yes you can buy a house with section 8 . section 8 has programs for people that want to buy a house, the payments goes toward your mortage. you need to talk to your casework at section 8 and do research online. i have friends that is doing that righty now and you can rent to own also
0 votes
Kasara Jones, Home Buyer, 38106
Sat Mar 29, 2014
Can you rent to own house with section 8 in Memphis tn
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2happi4deb, Home Buyer, Los Angeles, CA
Thu Jan 16, 2014
I have a one bedroom section8 voucher.... Could I rent to own with this amount?
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monicamoore2…, Home Buyer, Pittsfield, MA
Sun May 5, 2013
the house ie 65,000 an i have a down payment of 35,000 can i get rent to own with section 8
0 votes
Yes it up to the owner to expect you and put your money toward the house until you own it
Flag Thu Jun 26, 2014
angelicaserr…, Renter, Pittsfield, MA
Tue Jan 29, 2013
want to know what you have to do and have in order to qualify for a rent to own house?
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Christine Mo…, Agent, Wilbraham, MA
Fri Jul 29, 2011
It is possible. Email me.
0 votes
VM. Be careful there are a lot of stereo types on people with section 8. Some have excellent credit!! So keep your head up! I believe that is between the owner and you.
Flag Sun Jan 25, 2015
Ron Thomas, Agent, Fresno, CA
Fri Jul 29, 2011
I doubt that you could jump from a Section 8 to Homeowner. You would need to get your Credit Score up and save some $$.

Good luck and God bless
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Heidi Zizza, Agent, Framingham, MA
Fri Jul 29, 2011
Cait you would really need to talk to a mortgage person. In some instances there are low income housing lotteries that you may be able to apply for. The rent to own may need be approved if you are using section 8.
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Sherri Way, Agent, Framingham, MA
Fri Jul 29, 2011
Will your section 8 program let you purchase? Are you able to get a loan? I'm not sure you are in a position to be able to purchase. Unless things have changed recently, Section 8 is a rental program. They are not going to put their portion of the rent towards the purchase of a property. So, you are going to have to be able to afford the entire loan, taxes and insurance etc on your own. You really should consult with a financial advisor or a mortgage lender to see if this is doable or what you need to do to make it happen.

Also, I find that most rent to own programs don't work -- be interested in hearing from others on this. To me, it means that you agree on a price today that will be the sale price in the future. If prices are going down, the buyer doesn't want to do this. If the prices are going up, the seller doesn't want to.
Web Reference:  http://www.sherriway.com
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Scott Godzyk, Agent, Manchester, NH
Fri Jul 29, 2011
Section 8 is alot more difficult than a regular renter, due to its harsh agreement towards landlords some will not use the program. You forst need to find a property that is willin to complete a lease purchase first and then be willing to accept sec 8. The owner will need to credit you some of what you pay to rent towards your purchase, your first step is going to be to get prequailified so you know if you can get a mortgage to complete the purchase part, without the ability to purchase withina year and no more than 2 years, a rent to own situation may be out of reach.

http://www.trulia.com/blog/scott_godzyk/2010/06/rent_to_own_…


Please see my blog with tips and advice on ho to lease purchase a home
Web Reference:  http://www.ScottSellsNH.com
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