Today, our preferred lender, Dave, is here to discuss the latest buzz in the market: boomerang buyers. Boomerang buyers previously went through a short sale, bankruptcy, or foreclosures, and are now eligible to come back into the market.
Loan programs improved in the last couple of years. Plus, the market became stronger and healed. A lot of those buyers don't know they can come back into the market because of programs offered by the lending community.
Many clients think that the seizing on a short sale is forever. However, you can get back in the market in as little as three years through FHA or two years with Fannie Mae. There is also an FHA back to work program that allows people with major credit challenges to get into the market in one year.
Additionally, there are several great grant programs available to boomerang buyers. This is free money that you can use for a down payment or closing costs! A lot of people may be able to qualify, so talk to a professional to see which program works best for you.
You don't have to be a first-time home buyer to qualify for these down payment assistant programs. With grant programs, you don't even have to pay the money back.
Keep in mind income guidelines are extremely aggressive with grants. For instance, in Orange County, it's about $98,000. In LA County, it's $80,000.
Ultimately, these opportunities are great for people looking to enter the market. If you have any questions for Dave or myself, give us a call or send us an email. We look forward to hearing from you!
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