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You are here: Home / Blog / Tips for Home Buyers

Past Bankruptcy? You could buy a home sooner than you think

June 12, 2018

Dealing with a Past Bankruptcy? You Can Still Buy A Home—And Sooner Than You Might Think

In the past 6 years, more than 5 million Americans filed for bankruptcy. And while many people believe that filing for bankruptcy causes long-term financial ruin — and will keep them from ever being able to purchase a home — it turns out that might not be the case.

According to The Cost of Bankruptcy, a recent study from Lending Tree, within a year, 43 percent of people with a bankruptcy on their record are able to get their credit score to 640 or higher, which is the credit level typically necessary to qualify for a home loan.

Within two years of filing bankruptcy, that number jumps to 65 percent and at five years, 75 percent of people who filed bankruptcy have a FICO score of 640 or above.

If you have a bankruptcy on your credit file, you’re likely to pay higher interest rates, but buying a home is still possible. However, if you can get your credit score up, the bankruptcy is unlikely to have a major impact on your loan. According to the study, people with a credit score between 720 and 739 who applied for a mortgage three years after filing for bankruptcy were offered similar interest rates to those without a bankruptcy on their credit file.

Filed Under: Tips for Home Buyers Tagged With: Bankruptcy, Credit, FICO Scores, Home Loans

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"Russ Fortuno is an exceptional real estate professional. He is personable, responsive and really knows the Green Valley real estate market. Additionally, Russ is a strong buyer’s advocate, good listener and business professional. He gave his honest opinion on places and did not push in any way. Living in Northern California, we required an agent who has a spectrum of knowledge about Green Valley as well as being able to navigate a transaction via long distance. Trust is key in all real estate business but really was crucial with our purchase. Russ showed us many properties prior to COVID, we ended up putting an offer on a property that we didn’t see until the inspection was completed. Having trust in Russ made our long distance home purchase possible. It was a little scary doing business this way but I can say that we are very happy with our condominium and Russ made such a purchase smooth and a relatively easy process. I whole heartedly recommend Russ to anyone seeking real estate in the Green Valley area, we will use Russ for all our future Green Valley real estate business."
- S.M., Redding CA
"A+ service! We listed our house to sell in Sahuarita with Russ. This was a long distance sale as we were out of state when we listed. Most everything was done over the phone and with online e-signing. Russ answered all questions very quickly and followed up with details and items that were needed for the seller at closing. A+ service!"
- D.C., Sahuarita AZ
"Russ Fortuno did an exceptional job from start to finish! Any time we had a question, he made us feel comfortable calling or emailing him and got us an answer immediately!"
- R.L., Palmer MI
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Russ Fortuno, Associate Broker

I'm a Southern Arizona native and year-round Green Valley resident. Whether you’re buying or selling a home in the Green Valley or Sahuarita area, you’ll experience unsurpassed service and professionalism at all stages of your real estate transaction. I welcome the opportunity to assist in your next home sale or purchase.
Meet Russ

Tierra Antigua Realty

18745 S. I-19 Frontage Rd., Ste. A105
Green Valley, AZ 85614
(520) 333-0446
Contact Russ

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