how to I go about renting to own a home using my section 8 voucher?

Asked by Brownsugar35, Chicago, IL Tue Jun 22, 2010

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Alonzo Abron’s answer
Alonzo Abron, , Chicago, IL
Thu Dec 29, 2011
I just went down to the section office downtown Chicago getting this explained to me. I've been hearing about this. This is very possible. There are requirements that need to be met and programs you'll need to attend. However, this is possible.
1 vote
Smk5097, , Chicago, IL
Wed Feb 9, 2011
Hi, this is an excellent way to go! Your voucher payments are valuable and can be used to pay a mortgage. This allows you to not only consider your residence "home," but to actually build equity every year until you own it outright. A great way to build your financial future.

There are some requirements including attending a brief counseling program, having a minimum salary of about $10,000, and some other small details. And, of course, finding a seller/landlord who is knowledgable about the program and willing to work with you.

I've worked with rent to own tenants and am very familiar with this process and Section 8. I have high end rehabbed properties and have guided many tenants on this process. Feel free to call me at 847-226-5282. Good luck and good choice! Sam
1 vote
Hello Sam I'd be interested in a Rent to Own Townhouse or Single family w my voucher, however do I have to go thru the Section 8 process? I'm trying to do this asap for myMother 87 and for myself in Albany Park ir Old Irving but not exclusively to those areas. Thank you in advance 773-397-1045
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jolly good from SANDEE BROCK SOUTH CAROLINAI IF I DON T HAVE 10 000 WHAT AND HOW DO I GET HELP? blessings sandee
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David Dorfman, Agent, Neptune, NJ
Tue Aug 3, 2010
There ARE programs that enable those that are on assistance to use that "voucher" towards payment of a mortgage.

This about - doesn't it make sense - instead of giving someone a check every month for rent - to empower them to own?

Check with your local housing authority or agency that is providing the voucher. They should be able to direct you to a program.

Good Luck.
1 vote
Jim Starwalt, Agent, Grayslake, IL
Wed Jun 23, 2010
How much money do you have to put down on the property? A rent to own usually wants a non refundable deposit in the area of three to five percent of the agreed upon purchase price. Your rent will not be used as payment towards the purchase price, but small portion of it may go towards a credit to you for downpayment, but this is usually a very small amount.

A lot of misinformation is out there that people think their rent payment will accumulate in the entire amount paid towards the purchase price.

Of course any agreement can be made between two parties.

Good luck.
1 vote
Can I rent to own a house/apartment after I've been on section 8 for a year
Flag Sun Apr 9, 2017
Marilyn Bent…, Home Buyer, New York, NY
Wed Nov 16, 2016
How do I use my section 8 voucher for rent to own
0 votes
Evelyn S. Fr…, Agent, Chicago, IL
Tue Jun 22, 2010
Good evening, Brownsugar,

Yeah, you can't, unless, you have your own money to use as a down payment and qualify for a mortgage loan.

Have you been pre qualified for a a loan? Have you been employed for the past 2 years? Do you have any credit ? Do you know what your credit score is?

Depending on what you are looking for, at the very least, you would need 3.5% as a down payment (FHA loan). Example, if you were to purchase a $100,000 home you would need, at the very least, $3500. That is provided you qualify for an FHA loan.

Speak with your local banker or contact a lender to inquire. This is, normally at no cost to you. Otherwise go to http://www.freecredit.com & discover what, if any, issues you may have with your credit.

Hope this helps!
0 votes
Matt Laricy, Agent, Chicago, IL
Tue Jun 22, 2010
I dont think you can do rent to own with a section 8 voucher.

Matt Laricy
Americorp Real Estate
Brokers Associate, e-PRO
mlaricy@americorpre.com
708-250-2696
0 votes
Yes you can but CHA has a program available for such purchases
Flag Wed Jul 26, 2017
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