Gates Four is a gated community with two gated entrances and a 24-hour security team. The neighborhood consists of over 700 homes, including town houses and single-family. The houses in Gates Four
Dealing With A Past Bankruptcy
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 toThe 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.
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