Also, you were given some incomplete info from another agent. The waiting period is 7 years for a Fannie Mae or Fredie Mac loan. They do make some exceptions at 3 years for extenuating circustances like loss of job or death of a spouse,
The waiting period is only 3 years for FHA loans and 2 years for VA. So you do not need to have the "tough time" as was stated by that agent.
During this waiting period, be sure to address any other credit issues and get them fixed during your 2+ year break.
Please reach out to me if you need more info or help: Bernie McDonnell, (719) 659-9482 email@example.com
You will have a tough time finding a rent to own with a closing date seven years from now.