Home Buying in 80003>Question Details

Kathy, Other/Just Looking in Arvada, CO

I have to wait a few years and get my new husbands credit better. I have been told two to three years after a bankruptcy . Rent to own?

Asked by Kathy, Arvada, CO Sat Apr 2, 2011

I cannot qualify on my own, and hate the prospect of renting any longer. Thank you all for your help.

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Answers

6
Your question is best directed to a Mortgage Lender who stays up-to-date on all the latest mortgage changes. If you call around you might get different responses to your question, but at least you'll have somewhat of a better idea of the time frame following a bankruptcy and some possible measures to help speed up the waiting process. Best of luck. Call me at 720-252-8001 when your ready to get professional advice on Residential Real Estate.
1 vote Thank Flag Link Sun Apr 3, 2011
You do have the option of doing a lease purchase if you can find a seller who is in a position to work with you this way. We can search the MLS data base daily and email you with any potential sellers who are willing and able to do a lease purchase option.

Nick Masciotro
Ultimate Real Estate Team
Metro Brokers
303-423-5220
1 vote Thank Flag Link Sat Apr 2, 2011
Lease-option (aka rent-to-own) is definitely a viable option, and it might be a good one for you. If you're unfamiliar with what's all involved, then you might want to read up on it, and/or consult with an attorney before doing this.
1 vote Thank Flag Link Sat Apr 2, 2011
Hi Kathy,

Can you qualify on your own?

Sandy Kinlsow
The Kinslow Team LLC
Coldwell Banker Residential Brokerage
1 vote Thank Flag Link Sat Apr 2, 2011
Kathy,

You can qualify for a home loan 2 years after bankruptcy discharge. That is, if you are continuing with at least four lines of credit and not incurring late payments on your accounts. The best thing is to contact a lender now and let him guide you in the process of rebuilding your credit with a specific date in mind. That way you can be off and running with a new loan immediately after the 2 year period. I am not a big fan of 'rent to own' or 'lease-option'. there is too much risk. You are better off in most cases to save your money and repair your credit while waiting for the 2 years to expire.


Robert McGuire ASR
Realtor/Consultant
Your Castle Real Estate
Direct - 303-669-1246
http://about.me/robertmcguire33
0 votes Thank Flag Link Sat Jan 26, 2013
Kathy,

You can qualify for a home loan 2 years after bankruptcy discharge. That is, if you are continuing with at least four lines of credit and not incurring late payments on your accounts. The best thing is to contact a lender now and let him guide you in the process of rebuilding your credit with a specific date in mind. That way you can be off and running with a new loan immediately after the 2 year period.

Robert McGuire ASR
Realtor/Consultant
Your Castle Real Estate
Direct - 303-669-1246
http://about.me/robertmcguire33
0 votes Thank Flag Link Sat Jan 26, 2013
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