See Buyers Testimonial by Pressing Here...
Boomeranger's are expected to flood markets in some of the hardest hit areas for short sales and foreclosures in the coming years. They are predicted to account for nearly one in every five home sales in the certain metro areas this year.
Rising rents and the desire to own again now that the economy is more stable are driving many boomerang buyers to re-enter the market. They also want to jump in before interest rates and home prices climb too much higher.
But how soon they can jump back in will depend on the type of loan they had as a previous home owner. According to my trustworthy lenders, boomerang buyers who had FHA loans may need to wait only three years if they can prove that a hardship, such as job loss or death of a wage earner, led to their foreclosure or short sale.
Borrowers have typically been required to wait five to seven years to qualify for another loan, but mortgage giants have begun to change their rules to allow home owners who underwent a foreclosure or short sale to qualify sooner. Those who underwent a short sale will likely qualify the soonest. However, not all lenders are participating, so borrowers will need to shop around. I can pass referrals to my trusted lenders if your looking!
Freddie Mac’s wait time is usually four years following a short sale or deed-in-lieu, and seven years after a foreclosure. Fannie Mae may require a seven-year wait for a foreclosure, but only a two-year wait following a short sale as long as the borrower can provide a 20 percent down payment.
Rising rents and the desire to own again now that the economy is more stable are driving many boomerang buyers to re-enter the market. They also want to jump in before interest rates and home prices climb too much higher.
But how soon they can jump back in will depend on the type of loan they had as a previous home owner. According to my trustworthy lenders, boomerang buyers who had FHA loans may need to wait only three years if they can prove that a hardship, such as job loss or death of a wage earner, led to their foreclosure or short sale.
Borrowers have typically been required to wait five to seven years to qualify for another loan, but mortgage giants have begun to change their rules to allow home owners who underwent a foreclosure or short sale to qualify sooner. Those who underwent a short sale will likely qualify the soonest. However, not all lenders are participating, so borrowers will need to shop around. I can pass referrals to my trusted lenders if your looking!
Freddie Mac’s wait time is usually four years following a short sale or deed-in-lieu, and seven years after a foreclosure. Fannie Mae may require a seven-year wait for a foreclosure, but only a two-year wait following a short sale as long as the borrower can provide a 20 percent down payment.
Who do you know looking to buy, sell or invest in real estate? Call:
David Demangos
Keller Williams Realty
Cell: 858.232.8410
Realtor® BRE# 01905183
San Diego Real Estate Area Expert / Green Specialist / ALC Committee
Our Team Goes to Extremes to Fulfill Your Real Estate Dreams!
Download The #1 Real Estate Live Home Search App Below
Live Home Search App
David Demangos
Keller Williams Realty
Cell: 858.232.8410
Realtor® BRE# 01905183
San Diego Real Estate Area Expert / Green Specialist / ALC Committee
Our Team Goes to Extremes to Fulfill Your Real Estate Dreams!
Download The #1 Real Estate Live Home Search App Below
Live Home Search App
No comments:
Post a Comment