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Replies (9)
- Amanda Thomas, "amandathomas"
- Contributions:177
- Lola Jefferson, "PleasedToBeYourAgent"
- Contributions:70
Section 8 income can not count towards income at all. The purpose of section 8 is to help your living situation until you are able to be gainfully employed again. Therefore the section 8 income is not Your income, but the governments way of keeping a roof over your head in dyer times.
- Matt Laricy, "Matt Laricy"
- Contributions:1620
There is no way this can be done.
Once again agents answering where they should not be:
From HUD: <<--- Link, click it.
"If I am currently a participant in the Housing Choice Voucher program and receive rental assistance, can I use my voucher to buy a home and receive monthly assistance in meeting homeownership expenses?
Yes, if your local PHA participates in the homeownership voucher program, and you meet income and other eligibility requirements."
Also, I believe Robert is asking if the income from the rental portion of the 2 unit can be used if it's section 8 income. Rental income is rental income and section 8 is more stable than non-section 8 renters so this should not be an issue on a 2 unit FHA.
So either way he meant it, it could be done.
I know Zillow had a thumbs down before but took it away. How about instead you give us a middle finger up option for some of these answers?
From HUD: <<--- Link, click it.
"If I am currently a participant in the Housing Choice Voucher program and receive rental assistance, can I use my voucher to buy a home and receive monthly assistance in meeting homeownership expenses?
Yes, if your local PHA participates in the homeownership voucher program, and you meet income and other eligibility requirements."
Also, I believe Robert is asking if the income from the rental portion of the 2 unit can be used if it's section 8 income. Rental income is rental income and section 8 is more stable than non-section 8 renters so this should not be an issue on a 2 unit FHA.
So either way he meant it, it could be done.
I know Zillow had a thumbs down before but took it away. How about instead you give us a middle finger up option for some of these answers?
I realized that I was speaking to agents so I had better explain better.
Buyer is buying a 2 unit FHA property
Renter in 2nd unit is section 8
Buyer wants to use section 8 income to qualify for purchase
Robert's company won't allow use of section 8 rental income
Robert wants a company that does
Footnote: HUD has a voucher program anyway for low income families to buy homes so the answers were wrong twice.
Buyer is buying a 2 unit FHA property
Renter in 2nd unit is section 8
Buyer wants to use section 8 income to qualify for purchase
Robert's company won't allow use of section 8 rental income
Robert wants a company that does
Footnote: HUD has a voucher program anyway for low income families to buy homes so the answers were wrong twice.
- Hamp Yonce, "Zilluminati"
- Contributions:3463
Professor,
Would Robert's buyer have to have 2 years prop mgmt experience, and all that? While you're giving a seminar, and all.
Would Robert's buyer have to have 2 years prop mgmt experience, and all that? While you're giving a seminar, and all.
- Cheryl Talbot Real Estate, "Virginia Beach Homes"
- Contributions:674
With the state of this financial marketplace there's no way this can work. The amount of foreclosures and short sales are a direct result of what happpened in this country years ago. Lenders are only lending to stable buyers with secure income. It's going to be hard to get a home loan for a long time. Of course we all now understand why.
"Would Robert's buyer have to have 2 years prop mgmt experience, and all that?"
Not at all if they are occupying the other unit. If this is an owner occupied 2 unit it should be straight forward with 75% of rent with signed lease and cashed deposit. Since he's saying they are section 8 they should already be established with rents so not sure what the issue is for sure. Actually, not even sure why the 53% won't work with the 720 score. I don't know if FHA will allow back end ratios to 53% on a 2 unit but they will on a SFR.
Not at all if they are occupying the other unit. If this is an owner occupied 2 unit it should be straight forward with 75% of rent with signed lease and cashed deposit. Since he's saying they are section 8 they should already be established with rents so not sure what the issue is for sure. Actually, not even sure why the 53% won't work with the 720 score. I don't know if FHA will allow back end ratios to 53% on a 2 unit but they will on a SFR.
Way to go Cheryl! Great answer!
(IL) Can any of you use Section 8 rental income to help income qualify?
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- 5.0/5.0
- (13 reviews)
Contributions:776If any of you can still use rental to qual,..please contact me ASAP by clicking on my profile
Thanks!
Rob [E-mail deleted by Zillow moderator]
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