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Answers (7)
- JoEllen Ufner - ABR,GRI,SFR, "jufner"
- Contributions:397
It depends on the lender/bank..best of luck
- Amanda Nicodemus, "summer"
- Contributions:48
You will need to wait at least 2 years after bankruptcy discharge to apply for a mortgage loan. Contingent upon you qualifying based on your credit, down payment and money for closing costs.
Talk to your local bank or mortgage broker for more details.
Rent to own programs may be available directly by the seller. However, it's advised that you consult with an attorney. Generally the terms of the program benefit the seller.
Talk to your local bank or mortgage broker for more details.
Rent to own programs may be available directly by the seller. However, it's advised that you consult with an attorney. Generally the terms of the program benefit the seller.
- Drew Ludlow, "DrewLudlow"
- Contributions:505
I agree with WetDawgs. Rent to Own is commonly mis understood. Rarely is it a good deal for the 'Buyer' because the terms are usually in the best interest of the Seller. It is pretty much a long-term rental with little (if any) money credited back to you.
- Ofe Polack, "Ofe Polack"
- Contributions:1416
Discuss what your options are with a lender. Rent with option to buy is not always a good idea for neither buyer nor seller. Concentrate on rebuilding your credit, the lender should be able to guide you as to what to do next and how long you need to wait.
- workabee
- Contributions:1030
Not true. Get your credit and down together if you want to buy again. Quit dreaming, make it real.
- Sharon Lewis, "Sharon Lewis"
- Contributions:3914
If you went through bankruptcy, I am sorry to hear about it. Its generally at least two to year years, which makes sense because you can rebuild your reserves to purchase. Sit down with a lender and create a plan to purchase, to bring up your credit score and to create a savings plan so you will have a large down payment. Best of luck to you.
- wetdawgs
- Contributions:26784
Rent to own is an option that is up to the individual seller. It is not a common. It tends to take a substantial non-refundable down payment (several percent of the sales price), and the only amount going towards purchase is the amount above fair market rent. It tends to be a losing situation for the potential purchaser.
How long after bankruptcy discharge? It depends, but certainly several years.
How long after bankruptcy discharge? It depends, but certainly several years.
How long aftera bankruptcy can you buy a home. I heard there is a rent to own program is that true
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