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My husband and I filed bankruptcy after he was unemployed for almost a year, and he is now steadily employed and we have found a house that the seller will do a 2 year lease purchase. we are concerned about getting a mortgage on the house at the end of the 2 years, becuase of the bankruptcy. the selling price of the house is $144,900. We will get a $300 credit each month giving us $7200 towards a down payment at the end of 2 years and we plan to have an addition $7000, totaling $14,200. IF we rebuild our credit over the next 18 monthes will we be able to start looking for a loan then? will having the lease purchase help our situation vs looking for a house in 2 years?
Hope you can help!
Vaughnlula

savior70 · Posted: Tue Jun 23, 2009 3:45 am Post subject:

Hi

Lease purchase agreement is a good option for those who do not qualify for a mortgage immediately. This allows the buyer enough time to rebuild his credit, save some money for down payment and increase his income so as to qualify for a mortgage on his own.

Since you have a bankruptcy in your credit, you will have to wait for at least 2 years for an FHA loan and almost 4 years for a conventional loan. If it was a chapter 13 bankruptcy and you have made your payments faithfully, you can expect to get a loan after 18 months. But a lot depends on how you improve your credit after the bankruptcy. If you make your payments on time and stay current on your lease purchase agreement, you can expect your credit score to increase and if it does, you will have a good chance of getting approved for a mortgage.

Guest

I want to know what I have to do in order to qualify for my second home loan. I bought myn first home through NACA,but sold it after getting married. Unfortunately that did not last. How do I get started.

smithsussane · Posted: Tue Mar 16, 2010 12:05 am Post subject:

Hi Richard!

Welcome to forums!

I guess you have paid off your first loan in full after you sold off your property. In that case, you do not have any obligation towards that loan. Thus, you would be able to qualify for a new loan for purchasing a new property.

Feel free to ask if you've further queries.

Sussane

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lease purchase financing after bankruptcy