{"id":2187,"date":"2018-04-04T10:00:34","date_gmt":"2018-04-04T10:00:34","guid":{"rendered":"https:\/\/thezakariagroup.com\/boomerang-buyers-most-qualify-for-financing-in-2-3-years\/"},"modified":"2018-04-04T10:00:34","modified_gmt":"2018-04-04T10:00:34","slug":"boomerang-buyers-most-qualify-for-financing-in-2-3-years","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/boomerang-buyers-most-qualify-for-financing-in-2-3-years\/","title":{"rendered":"Boomerang Buyers: Most Qualify for Financing in 2-3 Years"},"content":{"rendered":"
\n

\"Boomerang<\/p>\n

According to a new study<\/a> from Lending Tree<\/em>, 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><\/p>\n

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.<\/p>\n

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 \u201cCost of Bankruptcy.\u201d<\/em><\/p>\n

The study found that 43.2% of Americans who filed bankruptcy were able to repair their credit back to a 640 FICO\u00ae Score in less than a year. The percentage of those who achieved a 640 FICO\u00ae Score increased to nearly 75% after 5 years. The full breakdown of the findings was used to create the chart below.<\/p>\n

\"Boomerang<\/a><\/p>\n

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.<\/p>\n

According to Ellie Mae\u2019s<\/em> latest Origination Insights Report<\/em>, 53.5% of those who were approved for a home loan had FICO\u00ae Scores between 600-749 last month. This is great news for Americans who are looking to re-enter the housing market.<\/p>\n

\"Boomerang<\/a><\/p>\n

Raj Patel, Lending Tree\u2019s Director of Credit Restoration & Debt-Related Services<\/em> had this to say:<\/p>\n

\n

\u201cPeople 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.\u201d<\/em><\/p>\n

\u201cLendingTree\u2019s research found that very few bankruptcy filers have a harder time [obtaining a mortgage] than those who have not filed for bankruptcy.\u201d<\/em><\/p>\n<\/blockquote>\n

Bottom Line<\/strong><\/h3>\n

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\u2019s get together to find out if you qualify now.<\/p>\n<\/div>\n

Powered by WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

According to a new study from Lending Tree, 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. This is in stark contrast to the belief that many have that they need to wait 7-10 years for their bankruptcies to […]<\/p>\n","protected":false},"author":101010,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[110,99],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"\nBoomerang Buyers: Most Qualify for Financing in 2-3 Years - The Zakaria Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thezakariagroup.com\/boomerang-buyers-most-qualify-for-financing-in-2-3-years\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Boomerang Buyers: Most Qualify for Financing in 2-3 Years - The Zakaria Group\" \/>\n<meta property=\"og:description\" content=\"According to a new study from Lending Tree, 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. 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