Home Buying in Metairie>Question Details

Bmborel, Renter in Metairie, LA

I am a single parent with an income That allows me to pay for my rent at 850 per month. Many friends say I should lok to own. I filed bankruptcy in

Asked by Bmborel, Metairie, LA Sun Aug 7, 2011

2009. How long do I need to wailoose wait to see if a lender will cover me?

Help the community by answering this question:


If you send me the details I may know of a couple places that may work for you...where you can do a version of a rent to own.

Web Reference: http://iansellsnola.com
0 votes Thank Flag Link Thu Aug 11, 2011
Thanks for the inquiry. You should speak to a local lender who can answer your questions. If you e-mail me @ realtor70065@yahoo.com with your contact information then I will hook you up with a good Metairie lender.
0 votes Thank Flag Link Mon Aug 8, 2011
You should sit down with a local lender and get your questions answered. There’s a two year waiting period after filing bankruptcy before FHA will consider lending to you. What matter is your credit history since you filed bankruptcy.

Everyone in the US is entitled to a free credit report once a year. There is only one site approved by the government for getting theses reports, I've listed the site below. This is the only truly free credit report site. Unfortunately the credit reporting agencies are not required to include your credit score in the report and this is what really matters, however it is always a good idea to review your credit and make sure there's not misinformation on your report. If there is you can begin working on getting it removed through this site as well. You can also check to see if your State offers free credit counseling (most States do) and if so they can offer you good assistance.

Don't get yourself in over your head, work on building up your credit score (you want work on getting it into the 700's) and building up some cash reserves, then you'll be in a position whenre you can begin looking to buy a home.

Good Luck.
0 votes Thank Flag Link Mon Aug 8, 2011
The last I knew you had to wait at least a minimum of two years, from the Discharge of the Bankruptcy, in order to use FHA to purcahse a home. Then it is up to the underwriters. Are there any blips with the buyer's payment history since then that will concern them?


Joe Finnerty
Prudential Patt White Real Estate
0 votes Thank Flag Link Mon Aug 8, 2011
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