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option8

LOs and Section 8

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Does anyone know if it is possible to rent to own to a section 8 tenant?

Do they have to come off their certificate?

 

Any ideas? Thanks in advance...

 

option8

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Option8, I'd say that is a very state specific matter. Depending upon the rules of Section 8 tenant/landlord statues, the answer is a resounding maybe <_< .

Personally, I haven't done any like that, although I have heard from a few in our business who claim to. I don't see how someone on government assistance is going to come up with a substantial amount of option consideration to make me warm and fuzzy, (that's what my ever present bottle of scotch is for :lol: ), and I don't know how realistic it would be to expect them to qualify for a mortgage within twelve months.

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Well...

A potential TB informed me that there is a Section 8 Homeownership Assistance plan! A search of the Internet revealed a few sources of information on this program.

 

Homeownership Vouchers

 

Here is the upshot from Realtor.org

 

Effective October 12, 2000 HUD began offering a program permitting tenant-based Section 8 holders to use their voucher payment towards the purchase of a home. Local public housing agencies (PHA's) have the option of offering the homeownership program to their residents. HUD has set several specific criteria for eligibility of residents, but PHAs may also set their own conditions. PHAs also have the choice to make the program available for any qualified participant, or to restrict the program to certain families. They may also limit the number of families they include in the program. PHAs interested in offering the program must be able to demonstrate that they have the capacity to operate a successful homeownership program. Because the program creates a new audience of homebuyers, REALTOR® interest has been high. However, few PHA's are participating in the program. NAR's is working to provide education and outreach to state associations and local boards to fuel PHA's involvement in the program.

 

We will also be working with HUD on developing a program to make this program more usable by PHAs.

 

The entire scope of the program can be unraveled by clicking here.

 

There just may be another opportunity to help someone with rental vouchers become a home owner.

 

option8

 

BTW,

Do you know your financial goal for this month?

Have you written it down?

Are you on course to make it happen? It's midmonth...

Do you need a course correction to attain your goal?

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Does anyone know if it is possible to rent to own to a section 8 tenant?

Do they have to come off their certificate?

 

Any ideas? Thanks in advance...

 

option8

http://finance.groups.yahoo.com/group/were...s_001164240815/

 

 

 

This group is for Group is for Section 8 Tenants and Landlords and Real Estate Agents My Goal is to find section 8 landlords all over the U.S.A, who are willing to rent to section 8 tenants. God bless Landlords that are willing to give section 8 voucher holders a better life, in a nicer area

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