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706-970-7120 Home for Sale in Blairsville GA

Boomerang Buyers: Most Qualify for Financing in 2-3 Years

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 clear from their credit reports before attempting to apply for either a mortgage or a personal or auto loan.

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 “Cost of Bankruptcy.”

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.

Boomerang Buyers: Most Qualify for Financing in 2-3 Years | MyKCM

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.

According to Ellie Mae’s latest Origination Insights Report, 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.

Boomerang Buyers: Most Qualify for Financing in 2-3 Years | MyKCM

Raj Patel, Lending Tree’s Director of Credit Restoration & Debt-Related Services had this to say:

“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.”

“LendingTree’s research found that very few bankruptcy filers have a harder time [obtaining a mortgage] than those who have not filed for bankruptcy.”

Bottom Line

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.

Get the info that you want - right now!

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About Area

Blairsville, Georgia is a small mountain town in the Appalachian Mountains. For many people who live in larger cities, these mountains provide a simple escape from life’s daily stresses. Stunning scenery among Northeast Georgia’s gentle peaks and beautiful creeks and rivers makes this region a natural paradise. Encompassing nearly two-thirds of Blairsville, the Chattahoochee National Forest has winding trails that lead visitors through scenic mountains, rushing rivers, and cascading waterfalls. This is where you can step back in time with nature and walk where the Cherokee Indians once lived. There are many different and beautiful settings for cabins in Blairsville. Creeks and rivers flow all through the area, and the banks make for a peaceful and fun home site, where you can sit and listen to the water flowing over rocks, or even try your luck at catching a native brook trout in your own back yard. If you prefer a mountain view, they are abundant here, and the Chattahoochee National Forest ensures that the majority of the neighboring land will remain untouched and serene, so your mountain view will remain a mountain view, not an adjacent home view. If your plan is to move to Blairsville permanently, the school system is among the top ranked in the state, with a graduation rate much higher than average, and the hospital is new and state of the art. If you’re looking for a vacation or investment property, the rental cabin business is booming in Blairsville. No matter your wishes, the experienced agents at Best Mountain Deals will be able to guide you in your journey. Our goal is to ensure your complete satisfaction, and we are confident in our ability to do just that.

Featured Properties

513 GIBBS ROAD,
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1533 JOHN SMITH ROAD E,
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