Previous Homeowners May Qualify As First Time Buyers Once Again

“Boomerang” home buyers are re-entering the marketplace, and some are able to take advantage of first time home buyer programs.

The last decade brought us a few tough years, especially for some home buyers. Real estate professionals like us were able to help many avoid Team Avalos Real Estateforeclosure during the darkest days of what’s become known now as “The Great Recession.” In some cases, foreclosure was avoided through a short sale or other means such as deed-in-lieu. Of course, in avoiding foreclosure, the now former homeowner was once again in the position of renting the place in which they lived.

Fortunately, in most cases, distressed times are short-lived, and many were (and are) able to get back on their financial feet. Lenders made changes to their restrictions, some allowed former short sellers to qualify for a mortgage in as little as two years under certain circumstances.

For others, their wait to be able to afford another home purchase may have taken a little bit longer. However, there’s good news for them, especially when it comes to first time home owner programs.

But I owned a house before? How do I qualify as a “first time home buyer?”

Agencies such as the Federal Housing Administration (FHA) and California Housing Finance Agency (CalHFA) offer low down payment programs for those who may not qualify for a home loan under what would be considered a conventional mortgage (IE: Loan requiring 20 percent down payment and above average credit scores). Borrowers under these programs have options even when their credit is less than perfect, and their income level is below median levels. Did you know that, even though you owned a home before, you may still qualify as a first time home buyer?

In these cases, a “first time home buyer” if you have not owned and occupied a home for at least three years. That’s it!

Looking to re-enter the housing market?

A “boomerang” buyer is one who may have found themselves in a distressed situation that forced them to sell or otherwise avoid foreclosure, but recovered financially and are ready once again to enjoy the benefits of home ownership. Team Avalos specializes in helping you realize all of your real estate goals. Contact us today for a no obligation consultation.

Team Avalos Real Estate
Keller Williams VIP Properties
25124 Springfield Court, Suite 100
Valencia, CA 91355

Office: (661) 290-3743
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