{"id":150,"date":"2018-04-05T04:57:24","date_gmt":"2018-04-05T04:57:24","guid":{"rendered":"http:\/\/renwre.info\/2018\/04\/05\/boomerang-buyers-most-qualify-for-financing-in-2-3-years\/"},"modified":"2018-04-05T04:57:24","modified_gmt":"2018-04-05T04:57:24","slug":"boomerang-buyers-most-qualify-for-financing-in-2-3-years","status":"publish","type":"post","link":"http:\/\/renwre.info\/?p=150","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

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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 Continue reading Boomerang Buyers: Most Qualify for Financing in 2-3 Years<\/span>→<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"http:\/\/renwre.info\/index.php?rest_route=\/wp\/v2\/posts\/150"}],"collection":[{"href":"http:\/\/renwre.info\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/renwre.info\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/renwre.info\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/renwre.info\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=150"}],"version-history":[{"count":0,"href":"http:\/\/renwre.info\/index.php?rest_route=\/wp\/v2\/posts\/150\/revisions"}],"wp:attachment":[{"href":"http:\/\/renwre.info\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=150"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/renwre.info\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=150"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/renwre.info\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=150"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}