Is either one any better than the other for someone who makes very low income? My income is very low and not steady. I figure I could at least qualify for low income since my bi-weekly salary is pretty low.
You’re asking about two completely different concepts.
Rent to own: You’ll pay a certain amount which is probably at least as expensive as market rent (most likely more than market rent) and only have a portion going toward paying down the purchase price of the house. You’ll be responsible for all maintenance.
Low income housing: You’re renting a place and paying rent based on your income. The owner will have to take care of all the maintenance.
You’re probably better off trying to get on the waiting list for HUD (section 8). Once you’re approved and on the program, you’ll get a voucher based on your entitlement. You’ll find a place that will rent to you as a section 8 tenant. The place gets inspected, you’ll sign the lease, and start paying your part of the rent.
Dollarwise, this would be the way to go if you had very low income…
You should get income based housing. Rent to own never works because ultimately the seller is doing to want you to refinance and it will fall back to what income based financing you can get and that will cause you to lose the house and all the fees you have paid into the deal.
If you don’t earn enough you need to get more income coming in. A second job but the best thing to do is get another job that pays more.
Yeah I am having some hard luck getting another job that pays more.
What is the longest wait to get on section 8?
You’ll just have to contact your regional office. There are people in my area that have waited for several months to get on. There are also times when HUD isn’t even taking applications for the program because they don’t have any more funding.
Few disadvantage of renting a house can become very difficult for individuals and family that have a history of bad credit.
If your income is low enough sign up for Section 8.
In my area when the waiting list isn’t closed, I’ve heard most people are waiting 12-24 months.
In the meantime, work on increasing your income.
In this as several previous posts you’ve said you are having trouble finding a job.
Have you considered more education? There are plenty of programs to help out people going back to school. If you are low income, and resourceful, you should have no trouble going to school for free.
Seeing how school is what got me in huge jam in the first place, I said I was not going to start over again with more school. I don’t know what else I would be going to school for. I had already chosen a career field I wanted to go into after I finished school. I never had any other interests to find a new major if I went back to school. It is kind of like me going to back to school all over again to major in anything whatever that is I wouldn’t know. I already spent tons of money on student loans on a useful degree that was supposed to lead me into a great career field I wanted. Like I said I really do not know of any other majors I would be interested in other than the one I had majored in years ago.
I am so not a fan of doing hard labor work where I have to get break a sweat all day, but it was brought to my attention a while back that there are plenty of trade occupations desperately need to be filled here in my state. I didn’t know much about it until someone told me about the Go Build Alabama campaign by Mike Rowe. This was like some sort of way to persuade people to look for other career fields that does not require 4 year degrees from some fancy college. I did some research to see what that was all about. I was able to look at various trade occupations and what each job pays along with what the job description is. These jobs pay much better than jobs that require years of college.
The starting pay for recent college grads is much lower that starting pay for trade jobs. Some of these trade jobs offer on the job training. That sounds good, but I would not know what trade I would want to be skilled in because I never had any plans to do any labor work.
Better try out a couple different things so you don’t get into something you’ll hate. I enjoy doing physical stuff. I would be a bad behind the desk person…I can do that too, but I’d rather be doing something else.
Nice thing about the trade jobs are you can eventually go into business for yourself if you’re good enough.
I have been doing physical work for years before and after I got a degree. I could not see myself doing more physical work for the rest of my life. The suit and tie gigs have always been viewed as a step up in the world in my opinion. Blue collar jobs has been looked down on for a long time compared to white collar careers. At this point, it wouldn’t feel right switching careers doing trade work. Yes the money is just as good as the career I was going to get into. What bothers me most is that I spent all that money on a degree to get a job in one field and then turn around and get a job doing something totally different. The bad new is all that time, money, and effort would be a waste because I chose a different career path that has nothing to do with my degree. The good news is the pay for trade careers are very good even for beginners pay. That would even things up as far as pay goes.
you’ll find a better paying job soon. in the meantime, do your best to excel in your present job.
there are always struggle in jobs especially when your fresh from college, get the experience you need and continue applying for jobs that you think you will enjoy and be effective. soon you’ll land in a very good paying job.
on the other hand, I’d suggest low income housing in the meantime.
Getting yourself a rent-to own property might cause you a big headache in the future since you don’t have a stable and good paying job yet.
Excelling in my present job is just what I am doing even if it is no where near related to my degree. Is 3 years out of school still considered fresh out of college? That is how long it has been for me looking for something better.