Hi Just Looking: I would suggest that you contact a mortgage planner, I would be happy to make a referral in your area. This is an area of speciality - The biggest issue I see in working with people with your situation is that their credit has not been updated to reflect their payments and ofter times requires corrections.

There are two loan programs that come to mind I feel you would qualify for. One requires a 3.5% downpayment and the other offers 100% financing post bankrupcy in rural areas provided the credit is adequate. The first program is an FHA insured loan. FHA will approve loans for borrowers who have been discharged from a BK13 - The program requires 12 months of ontime payment since the inception of the 13, so since you are discharged you should be ok. On a BK 13, FHA goes by the opening date rather than the discharge date.

The rural program will allow 100% financing post BK with a credit score of 620+, however there are income limitations and the property mush be in a desiginated Rural area. If you are looking in a metro area, this would more than likely not meet the rural criteria. Please feel free to visit my website where I have some great information. I hope this helps. If I can be of further assistance, please feel free to shopot me an email. gwennt@centurytel.net

Jane,

Actually what do you mean you just completed. Usually with a bankruptcy it is 18 to 24 months after the discharge date before you can obtain financing. So what you will need is to know how long before you can get financing and then that will be worked into the lease as far as how long it will be. I have lenders that work with this type of a situation and actually have present and past clients that are doing lease purchases. So if you do not already have an agent and need help feel free to contact me through my profile here on Trulia.

Hope this helps,

Great question! The misconception is if a bankruptcy has taken place then folks would not be considered for a mortgage loan...not true. I assisted a family with the purchase of a home a few months ago and they received a great interest rate, terms and incentives with the purchase of the home. I would not consider a lease options unless you could not qualify for a good mortgage loan. Lease options are mainly used for folks who cannot qualify for a mortgage loan (last resort), and the terms offered will more than likey not be that great.

I would advise talking with 3 or more lenders. You may find that a community bank or credit union would be a good fit for your current situation. Should you need additional information or advice, please contact me at jennelson@kw.com. With your bankruptcy, the more information you have as far as your options go the better you will be able to decide how to approach the situation going forward with lenders.

Typically once a bankruptcy has been discharged, lenders want to see a year, sometimes two, of stability in paying on credit that you establish. This doesn't have to be credit cards or going out and buying a new car. Utility bills, auto insurance, etc... will usually suffice. Of course, every lender has their own criteria that you have to meet so it is best to speak with a lender that you feel comfortable with and see what they say. If you do not have a lender in mind, I am happy to recommend 2 or 3 that I know to be reputable.

Should you not be able to qualify for a mortgage at this time, it may still be possible to do a lease to own on a home with a substantial security deposit. I know of a few situations where this might be possible here in High Point. If you'd like to learn more about these types of opportunities, contact me through my Trulia profile or my website below.

That would be correct if you could qualify for a home you want do lease purchase. Rental amount could be less than a future mortgage. Review your files with mortgage broker determine when you can purchase a home TILL then no one can state when you can buy another house. Mortgage is based on credit score, debt ratio, employment history, insurance, and taxes. Sorry hear about your chapter 13