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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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"100% full service. Russ walked us through each step making sure we understood the process. He was very patient with us when we fumbled a bit with DocuSign. Russ was a pleasure to work with and we highly recommend him. There’s really not a lot more we can say except that the purchase of our condo went so fast and smoothly… all due to Russ!"
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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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