How hard is it too get into a rent to own home after a Bankruptcy?

Would you be willing to give up just the kids? All joking aside, be very careful with the rent to own. Most lenders will only count the portion of the rent payment that exceeds market rents for the area. Most Rent to own landlords don't always tell you this. Example: You rent a home for $1,500 per month. The RTO agreement says the seller (landlord) will give you credit of all your rent towards the downpayment of the home when you complete the purchase. Not so fast. The lender will calculate what the market rent for the hme was during the rental and only the excess is applicable toward the down. If the Market rent of the home is $1250, then the lender will only allow you to apply $250 toward the down payment. One downside is that if the current owner defaults and loses the home to foreclosure, None of your rent will apply, you're just out of luck. You will want to find a rental agent to assist you in finding a home that meets your needs. Good luck.

Rent to own, AKA Lease Option contract have an element of risk. I would not limit my housing selection based on Lease Option contracts. Find a house you like, can afford, and fits your life style. As long as you are diligent in making your rental payments on time and you keep a documented record of this you will be fine. You can purchase a home with traditional bank financing 2 years after BK Discharge date. ENG Lending, A Division of Bank of England, always puts your best interest first. We would appreciate the opportunity to serve you. Please visit us at www.cincinnatimortgagerate.net. You will soon find that we are so much more than a Mortgage Banker; we are a company that is dedicated to empowering our clients and referral partners. Don't forget to visit our Facebook Fanpage at http://www.facebook.com/pages/ENG-Lending-Cincinnati/171183536269710#!/pages/ENG-Lending-Cincinnati/171183536269710?sk=wall Or Call Anytime 513-403-6260