The Pros and Cons of Rent to Own Homes

Wishing to buy a home but you have irregular credit histories? The rent-to-own is worth considering.

A couple of years ago, you will almost never hear the term rent-to-own. Homeowners who sell their houses have a lot of prospective buyers with different bids to choose from. Nowadays, it is different. A lot of homeowners are very willing to arrange a rent-to-own agreement with prospective buyers. Some even make deals with those who were turned down by housing loans.

What exactly is renting to own? Its contract requires the buyer to pay a rent to the homeowner monthly, with a part of it going to a home purchase at a much later date. Most of these contracts last two to five years wherein both the property owner and the buyer begin the standard purchase of the home.

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Section 8 Housing And Renting to Own

Did you know that qualified Section 8 beneficiaries can use their Section 8 Housing Choice Vouchers for mortgage payments? However, they must first find an affordable home with a property owner willing to sell the house under the Housing Choice program.

Section 8 Housing Choice Vouchers

Section 8 of the Housing Act of 1937 is a program by the federal government that provides housing assistance for very low-income households and individuals. This program is overseen by public housing agencies or PHAs. It is a very popular housing assistance program that has thousands of applicants on waiting lists all over the country.

The program gives tenants a greater freedom in finding housing suitable for their household's needs. It is different from the public housing program, where PHAs approves certain properties beforehand, before providing the limited list to Section 8 participants.

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