Home Buying in Sandpoint>Question Details

Dawn, Home Buyer in Priest Lake, ID

Moving to Sandpoint.Income 50k-60k,credit 625-650,Ch.7 discharged May2010. Since then perfect payments. Rent or buy?

Asked by Dawn, Priest Lake, ID Mon May 21, 2012

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Answers

4
To get your best answer to your question you should be asking a financial / loan officer. We, as Real Estate agents, will do our best to guide and give our best answers to help you. With rules and requirements changing almost on a daily basis a loan officer who deals with your situation all the time is best suited to answer.

***** What you want to be very careful about is committing to an owner 'Option to Buy' with a lease and balloon payment that, when the time comes, you can not qualify for. *****

Only a financial officer can give you solid answers, and a direction to move, which will give you peace of mind. Whether with you bank or a local bank in the area you are moving, ask questions.

Mark Don McInnes
0 votes Thank Flag Link Thu Jul 4, 2013
If your bankruptcy was for medical or can be explained you may be able to secure financing after 24 months but will need to look at whole financial picture. I have a nice home on Sagle Road that could potentially be leased with and option to purchase at $1500 per month

My website is http://www.rfranz.remax.com if I can be of further assistance.

Randy
0 votes Thank Flag Link Wed Jul 4, 2012
I checked with my lender Rod Starr from Mountain West Bank and he says 3 yrs for ch7.
that means you should rent unless you get a place that the seller will carry the paper. Brenda fletcher
0 votes Thank Flag Link Tue May 22, 2012
Dawn,
You have several options. I would explore an "Owner Carry Option" where you can be evaluated on your payment history and character. Your credit scores are good, so a loan is an option. If you would like a recommendation for lender, I would be happy to provide one or two.
Smiles,
Sherry of TeamWood RE
0 votes Thank Flag Link Mon May 21, 2012
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