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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 has handled a number of real estate transactions for us and we’ve been entirely satisfied with his ability to deal with every aspect in an efficient, resourceful manner. We have complete confidence in him. "
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"Russ is an incredible professional and I cannot think of a single area of expertise he wasn’t abreast of. Every question was answered promptly, accurately and pleasantly. He knows his market, he knows the industry and he knows people. He’s able to meet people on their level without being condescending. I would, and have, recommended Russ to others who are looking for a good and trustworthy Realtor."
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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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