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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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"We have moved numerous times in our lifetime and dealing with Russ was one of the best experiences we’ve had with a Realtor. From showing of the house to assisting us after closing, he demonstrated a very professional attitude."
- A.S., Green Valley AZ
"Russ was very helpful with respect to the hunt and purchase of my home in Green Valley. I valued his input as far recommending homes and all the additional info as far as resources in the area. He had to deal with me being in Pennsylvania and handling most of the work long distance. He reviewed the potential homes based on my wants/needs and continually send me lists and updates. By the time I got to Arizona on vacation we went thru the list, visited sites and made a choice in one day. I would gladly recommend Russ to any possible client in the future. Can’t thank him enough. "
- M.F., Green Valley AZ
"As an out-of-state buyer, I needed to find the right person to be my local contact. And Russ was that person. He knows the area and had a lot of patience to show me around. He also did not push his opinion but was willing to give it to me when asked. The end result? With Russ’s help I have purchased the right home in the right area for the right price! I never could have done that without the expertise Russ brings to the process."
- D.H., Mogadore OH
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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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