“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 foreclosure 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. Continue reading Previous Homeowners May Qualify As First Time Buyers Once Again