Everyone needs a home regardless of your social status. The most basic housing solution is to rent an apartment, or to live with parents/relatives. Then maybe own a home later on when you can afford it.
The following information is for people who need housing whether to own or to rent, and also for people who provide housing solutions. It is compiled from different sources to provide a general knowledge of available housing solutions and resources.
Where to look for rental housing?
If you want to rent an apartment, you can search on the internet first and then narrow down your choices to just a few to have a tour of the apartments. Check out internet sites such as
apartments.com that provides nationwide apartment search, and
findmyroof.com that provides nationwide homes for lease by private landlords.
If you are relocating to another city, you can retain the service of a local real estate agent to help find a suitable rental housing for you. To find a local real estate agent, search the online yellow page for major real estate companies in the area and choose an agent that can best represent you.
You can also sift through Sunday newspaper for rental housing provided by private landlords.
What to look for in a good rental property?
The following are the basic requirements for a good living in a rental property:
- The rental property has to be in good location and neighborhood.
- The city where it is located has low crime rate.
- The area has good infrastructure and transportation system.
- The area has a lot of job opportunities.
- The area has good schools.
- The rental property is under good landlord/property management company.
- The rental property is well kept.
- The rental property provides basic amenities such as clean and well kept property, dishwasher, washer and dryer, range, refrigerator, pool, fitness center and etc.
Questions to ask potential landlords/property management company
- Describe the apartment/house. How many rooms and what are their sizes?
- How many closets? Is there additional storage space?
- Does the landlord want a lease?
- Are a security deposit and last month's rent required?
- How long has the place been on the market? (if it has been on for months, the apartment/house may have problems.)
- Does the landlord or maintenance person live on the premises?
- Who pays for utilities and how much do they cost?
- Are pets allowed?
- Is there carpeting? A dishwasher? Cable and/or internet hook-up?
- Does the apartment/house contain lead paint?
- Are there laundry facilities in the building? If not, where is the nearest laundromat?
- What about grocery stores, dry cleaners, health clubs, restaurants, libraries, and parks?
- Is free parking available? How close is public transportation?
- Are the other tenants in the building single, or married with families? Professionals or students?
- Have there been any violent crimes around the building recently? How about fires?
- Who handles maintenance problems? Is there 24 hour emergency service?
Rental assistance program for low-income families
U.S. Department of Housing and Urban Development provides low income families with the following rental assistance programs:
Privately owned subsidized housing-HUD helps apartment owners offer reduced rents to low-income tenants. You can apply directly at the management office of apartments that have participated in this program. Low-rent apartment search.
Public Housing-affordable apartments for low-income families, the elderly and persons with disabilities. To apply, contact public housing agency.
Housing Choice Voucher Program (Section 8)-find your own place and use the voucher to pay for all or part of the rent. To apply, contact public housing agency.
What are housing choice vouchers?
The housing choice voucher program is the federal government's major program for assisting very low-income families, the elderly, and the disabled to afford decent, safe, and sanitary housing in the private market. Since housing assistance is provided on behalf of the family or individual, participants are able to find their own housing, including single-family homes, townhouses and apartments.
The participant is free to choose any housing that meets the requirements of the program and is not limited to units located in subsidized housing projects.
Housing choice vouchers are administered locally by public housing agencies(PHAs). The PHAs receive federal funds from the U.S. Department of Housing and Urban Development (HUD) to administer the voucher program.
A family that is issued a housing voucher is responsible for finding a suitable housing unit of the family's choice where the owner agrees to rent under the program. This unit may include the family's present residence. Rental units must meet minimum standards of health and safety, as determined by the PHA.
A housing subsidy is paid to the landlord directly by the PHA on behalf of the participating family. The family then pays the difference between the actual rent charged by the landlord and the amount subsidized by the program. Under certain circumstances, if authorized by the PHA, a family may use its voucher to purchase a modest home.
Read Housing Choice Vouchers Fact Sheet.
More resources:
The United States Department of Housing and Urban Development
Fair market rent
Mortgage and financing information for a home
Mortgage loans are used for financing a purchase of a home. The most common ones are long-term fixed-rate mortgage loans, for example 15-year or 30-year mortgage loans.
Credit report and score
Credit score is often used to represent the credit worthiness of a person. It is a number between 300 and 850, and it's primarily based on credit report information.
Lenders use credit scores to evaluate the potential risk of lending money to consumers, and to qualify borrower for a loan with a assessed interest rate and loan amount. Fair Isaac Corporation (FICO) Credit scores are most widely used in the mortgage industry.
One should always know his/her own credit rating before considering applying for a home loan. Each legal U.S. resident is entitled to have one free copy of credit report from each credit agency every 12 months.
To get a free copy of credit report, you should go to the government-sanctioned credit reporting agency-operated website,
annualcreditreport.com
, or by calling 1-877-322-8228.
|