If your home is not in an age restricted community (example - 55+ or senior community), then you are not allowed to restrict renting to adults only. You will violate Fair Housing laws and potential tenants could contact authorities and you will need a lawyer to answer why you violated Fair Housing laws.
Do you have a valid reason why you don’t want to rent to children? Examples of valid reasons - there is a registered sex offender living next door or nearby; there is drug activity going on; neighborhood is not safe, etc. These are legal valid reasons which do not violate Fair Housing laws. However, if the reason has to do with your own personal value or morals, you need to contact a real estate attorney first before some potential tenant accuses you of discrimination.... more
The waiting period to get approved for a mortgage is between 5 to 7 years after a foreclosure. If you have extenuating circumstances such as a job loss, then it could get cut down to three years.
FHA has the lowest minimum time to be approved - only 3 years. But you will have to prove that you have good bill paying habits since the foreclosure. Also be prepared for hefty fees and higher interest rates.... more