Rent to Own

I have a question About rent to own.  Can someone who is on section 8 do a rent to own? Its my mother and I'm starting to make to much and the rent is becoming crazy to where looking into this rent to own might be better in the long run.for what we have paid in rent the past 12 at the house we are in we could of bought a home, 

Thank you  
  • June 06 2014 - Bay Point
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Answers (3)

Profile picture for valuatemyhouse
Welcome to the next step!  Homeownership! 

I would suggest you contact Bank institution and get yourself preapproved.  This way you know how much you can qualify for.  At the same time look into HUD homes, Fannie Mae Homes, Habitat for Humanity may also be a great alternative or non profit groups.  You may have to put in some sweat but home ownership is the best feeling.  Check local City and County for lending alternatives.  Some Counties and Cities will have special lending to low income persons as long as they stay in the boundaries.

I think you are on the right track.  Just find someone that can help you get there or research those groups above and make your own dream happen.

Best of luck!
  • June 06 2014
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Profile picture for wetdawgs
"for what we have paid in rent the past 12 at the house we are in we could of bought a home,"  

Perhaps this was merely a flippant statement, but if you really believe it let's go through the numbers. While rent may seem high, have you looked at house prices in your area?  The median price is $414k.  That means if you are paying the median  $1800 per month rent in the area, you are paying less than the landlord's costs.

If you purchased a $414k home with $20,000 down payment, your monthly mortgage, taxes and insurance would be about $2700.   The amount towards principal over the year would have been less than 1% of the cost of the house.



 
  • June 06 2014
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Profile picture for wetdawgs
Rent to own is a very risky adventure,  requiring a significant down payment plus monthly rent above fair market value.  There is no way the housing department would approve monthly rent higher than market value.

In some communities section 8 does have some opportunities to use section 8 related to home purchase.  You may wish to have your mother investigate.  Of course, if you are earning too much and living with her, the entire household income is taken into consideration so she would not be qualified

  • June 06 2014
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