i want to get an aparment or mobile home under section 8. but i'm afraid that down the line when i want to buy a home for good without section 8, i won't be able to. like, my credit will be messed up or it will show or something. this is a big fear of mine. i am in a position where i can still figure something else out. i want to know if section 8 hurts you later on in life. i don't want to do it and regret it. please, if you've had it or have it, can you tell me if its worth it? is it helpful? will it hurt my future?
2007-07-07 20:17:37 · 8 answers · asked by lalalala 5 in Business & Finance ➔ Renting & Real Estate
Hello I am a Realtor and I use to be a property manager and we accepted section 8 tenants. The only one who can mess up your credit is you. So if in the future you are planning to buy a house, don't get your self in debt if you can't pay for it with cash you don't need it. Section 8 is a stepping stone for people who needs housing assistant and can be very helpful and beneficial for a person in need.
I have had several tenants on the section 8 program get there finance in order and purchase homes. Section 8 does not show up on your credit file at all.
2007-07-07 20:35:27 · answer #1 · answered by Somebody Loves You 2 · 2⤊ 0⤋
As far as I know, Section 8 does not ruin your credit history. It's like asking if being on welfare affects your credit, of course not!
However, going straight from Section 8 to trying to own a house or buy a new car might look strange and they would really want to look at your credit and income. Before making such a move, you can spend some time OFF of Section 8. After all, Section 8, as all of these programs, are designed as temporary help for when people need it. Once they don't, get off and move on.
2007-07-07 20:22:52 · answer #2 · answered by Keep on Truckin' 4 · 0⤊ 0⤋
If you have a choice don't take welfare, it cost taxpayers money and should only be for people with no other choice. It won't go on your credit report it is simply renting from a landlord that takes the section 8 payments, your next rental wouldn't even know you had taxpayer support.
2007-07-07 20:23:29 · answer #3 · answered by shipwreck 7 · 2⤊ 0⤋
It is illegal for a mortgage company to hold the receipt of receiving public assistance (which is what Section 8 is) against you when you apply for future credit and even current credit.
Most legitimate mortgage lenders are all-too-familiar with this law.
Receipt of any type of public assistance, does not appear on your credit report.
2007-07-08 00:42:35 · answer #4 · answered by Expert8675309 7 · 0⤊ 0⤋
Section 8 gives help to people for getting housing when they can't afford it, by subsidizing your rent. It doesn't hurt you later on - it doesn't show on your credit as some kind of a black mark.
2007-07-07 20:46:39 · answer #5 · answered by Judy 7 · 2⤊ 0⤋
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2016-10-20 06:31:12 · answer #6 · answered by ? 4 · 0⤊ 0⤋
Im under section 8 right now in an apartment. Once you sign up for section 8 you can unsign it at anytime you please as long as your not under a lease. Im canceling my account soon and getting a house in another town. I talked to the people about it and it does not affect you at all once you cancel it.
2007-07-07 20:22:26 · answer #7 · answered by lovehate 1 · 0⤊ 0⤋
No, it won’t hurt you in the ways you have mentioned.
It's just hard to get off those programs. They watch your finances’ closely so it's hard to get ahead without it jeopardizing your subsidy.
And it makes you feel like you got to act like a subsidized person.
2007-07-07 21:07:30 · answer #8 · answered by Willems_grandpa 3 · 0⤊ 0⤋