Real Estate in St George
Karey Maniscalco
435-703-4584435-703-4584

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 have 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% 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 mortgage. Within two years of filing bankruptcy, that number jumps to 65% and at five years, 75% of people who filed bankruptcy have a FICO score of 640 or above.

Now, if you have a bankruptcy on file and a credit score on the lower end of the qualifying spectrum, you’re likely to pay higher interest rates. But if you can get your score up, your 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.

The Takeaway

If you have a bankruptcy on your credit file, buying a home is still possible. Focus on raising your credit score and you might be able to make your dream of homeownership a reality sooner than you ever thought possible.

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About Karey Maniscalco

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Karey Maniscalco

Realtor- Realtypath

kareysells@gmail.com

435-633-9080435-633-9080 main

Karey Maniscalco & Associates with RealtyPath

113 East 200 North St George, UT 84770

Reviews

5nicole danny

Karey was great!! She went above and beyond to find my family the perfect home. We were first time buyers and she took the time to explain things to us, she was on top of all the paper work and emails & walked us through the whole process !

5Jamiej4

Karey is a top notch Realtor! I highly recommend her! She goes above and beyond and works hard to get what you want in buying and selling of your home! I have used other realtor's and would never use anyone other than her again!

5AlisaBrewer666

I am absolutely DELIGHTED to offer my review of Karey. We contacted her at the beginning of February, 2016. We had been offered a purchase price on the house that we had been renting for a year....and we had NO IDEA what to do next. My friend, who bought... (more)

Review Karey Maniscalco on Zillow.com