Want to buy a house? Repair your credit score!

<img alt=”Boomerang Buyers: Most Qualify for Financing in 2-3 Years | Simplifying The Market” class=”webfeedsFeaturedVisual wp-post-image” height=”354″ sizes=”(max-width: 648px) 100vw, 648px” src=”https://files.simplifyingthemarket.com/wp-content/uploads/2018/04/03113002/20180404-Share-STM.jpg” srcset=”http://files.simplifyingthemarket.com/wp-content/uploads/2018/04/03113002/20180404-Share-STM.jpg 750w, http://files.simplifyingthemarket.com/wp-content/uploads/2018/04/03113002/20180404-Share-STM-549×300.jpg 549w” style=”clear: both; display: block; margin-bottom: 5px; max-width: 100%;” width=”648″ /><br />
&nbsp;Want to buy a house? Repair your credit score! Even if you had to file bankruptcy in the past, you can still buy if you can get your credit score up.<br />
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According to a new <a href=”https://www.lendingtree.com/bankruptcy/the-cost-of-bankruptcy/”>study</a> from <i>Lending Tree</i>, Americans who have filed for bankruptcy may be able to rebuild enough credit to qualify for a home loan in as little as 2-3 years.<span id=”more-37301″></span><br />
This is in stark contrast to the belief that many have that they need to wait 7-10 years for their bankruptcies to clear from their credit reports before attempting to apply for either a mortgage or a personal or auto loan.<br />
The study analyzed over one million loan applications for mortgages, personal, and auto loans and compared borrowers who had a bankruptcy on their credit report vs. those who did not to find out the <i>“Cost of Bankruptcy.”</i><br />
The study found that 43.2% of Americans who filed bankruptcy were able to repair their credit back to a 640 FICO® Score in less than a year. The percentage of those who achieved a 640 FICO® Score increased to nearly 75% after 5 years. The full breakdown of the findings was used to create the chart below.<br />
<a href=”http://files.simplifyingthemarket.com/wp-content/uploads/2018/04/03113018/20180404-STM-ENG1.jpeg”><img alt=”Boomerang Buyers: Most Qualify for Financing in 2-3 Years | Simplifying The Market” class=”alignnone wp-image-37303″ height=”488″ sizes=”(max-width: 650px) 100vw, 650px” src=”https://files.simplifyingthemarket.com/wp-content/uploads/2018/04/03113018/20180404-STM-ENG1.jpeg” srcset=”http://files.simplifyingthemarket.com/wp-content/uploads/2018/04/03113018/20180404-STM-ENG1.jpeg 2000w, http://files.simplifyingthemarket.com/wp-content/uploads/2018/04/03113018/20180404-STM-ENG1-400×300.jpeg 400w, http://files.simplifyingthemarket.com/wp-content/uploads/2018/04/03113018/20180404-STM-ENG1-1024×768.jpeg 1024w” width=”650″ /></a><br />
Americans who were able to repair their credit scores to a range of 720-739 within three years of filing were able to obtain the same financing options as those who had never filed bankruptcy.<br />
According to <i>Ellie Mae’s</i> latest <i>Origination Insights Report</i>, 53.5% of those who were approved for a home loan had FICO® Scores between 600-749 last month. This is great news for Americans who are looking to re-enter the housing market.<br />
<a href=”http://files.simplifyingthemarket.com/wp-content/uploads/2018/04/03113046/20180404-STM-ENG2.jpeg”><img alt=”Boomerang Buyers: Most Qualify for Financing in 2-3 Years | Simplifying The Market” class=”alignnone wp-image-37304″ height=”488″ sizes=”(max-width: 650px) 100vw, 650px” src=”https://files.simplifyingthemarket.com/wp-content/uploads/2018/04/03113046/20180404-STM-ENG2.jpeg” srcset=”http://files.simplifyingthemarket.com/wp-content/uploads/2018/04/03113046/20180404-STM-ENG2.jpeg 2000w, http://files.simplifyingthemarket.com/wp-content/uploads/2018/04/03113046/20180404-STM-ENG2-400×300.jpeg 400w, http://files.simplifyingthemarket.com/wp-content/uploads/2018/04/03113046/20180404-STM-ENG2-1024×768.jpeg 1024w” width=”650″ /></a><br />
Raj Patel, <i>Lending Tree’s Director of Credit Restoration &amp; Debt-Related Services</i> had this to say:<br />
<blockquote>
<i>“People may think that filing a bankruptcy would put you out of the loan market for seven to ten years, but this study shows that it is possible to rebuild your credit to a good credit quality.”</i><br />
<i>“LendingTree’s research found that very few bankruptcy filers have a harder time [obtaining a mortgage] than those who have not filed for bankruptcy.”</i></blockquote>
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<b>Bottom Line</b></h3>
If you are one of the millions of Americans who has filed for bankruptcy and think that you have to wait 7-10 years to make your dream of returning to homeownership a reality, let’s get together to find out if you qualify now.<br />
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&nbsp;Source: <a href=”http://www.scottpmtx.com/”>Real Estate with Fran Blog
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<a href=”https://www.scottpmrealty.com/buy-my-house-houston-sell-your-house-fast-cash/”>Scott PM Realty</a> pledges to be in constant communication with our clients, keeping them fully informed throughout the entire buying or selling process. We believe that if you’re not left with an amazing experience, we haven’t done our job. <br />
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To connect with me directly, <br />
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Please call Fran at 281-520-3098<br />
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Or via email:&nbsp; fran@scottpmhouston.com

Agent

Fran Summey

Fran Summey

Phone281-520-3098