08-05-2012, 11:52 AM
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Member
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Join Date: Apr 2012
Location: Cleveland, Ohio
Posts: 92
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Quote:
Originally Posted by brwnbarbie24
I have a little background in bank mortgages, and typically a bank won't even consider you for home ownership until the bankruptcy has been discharged for 3 years. Not 3 years from when you filed, but 3 years from when it was discharged which is usually a few months after the filing. During those 3 years, make sure you pay your bills on time and try to get some type of revolving credit to assist with your credit rating. Also, work on saving money for a down payment. There aren't as many programs where you can secure a home with little to no money down as in years past. The banks want to see that you have a nice nest egg in the bank and that you're able to put money down. Leasing to own a home is not very beneficial for the renter. It is a great thing for the homeowner though. I would suggest you just rent traditionally while you're rebuilding your credit. Then you can get a conventional or FHA loan without all of the loopholes involved in leasing to own. FHA is a little easier to secure but has more stipulations and typically you need at least 3.5% down for a FHA loan which is less than conventional loans.
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Yes I was told that so far I'm trying to rebuild my credit I'll pay off the bankruptcy next yr. my lawyer suggested I wait till the then because the payout will be cheaper. I not in a rush, rush but with my kids getting older I need more space but I just don't want to keep moving around so I'll just hang in here till its time and I'm able to buy, thanks for the advice ima take this time to save(very,very hard addicted to online shopping, but working on that 😁  and ima keep researching but thank you.
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