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Boomerang Buyers are those who suffered a foreclosure or a shortsale a few years ago and are now looking to get back in the market. There are a lot of misinformation out there about whether or not someone who did a short sale, foreclosure or even bankruptcy can buy a property. The Diaz Duo of Waterstone Mortgage has some unique programs to help people in those situations qualify for a home but couldn't otherwise qualify.
According to the TransUnion, the interesting thing about this is that the number of boomerang buyers will drastically rise because those people who have gone into foreclosures or short sales are going through phases where they can qualify and have the ability to purchase. Each year, more and more information comes out about their ability to buy and qualify.
During the financial crisis, about 78 million consumers had a mortgage. More than 8% of those were affected by being 60 or more days late and unfortunately, a lot of them had the tragic foreclosure or short sale scenario and lost their ability to get qualified or get credit. Not every lender will have programs for these people. Some would tell you that you can't qualify for a certain Fannie or Freddie FHA but most of the time they are based on their own guidelines and not necessarily the investor's guidelines. That is why it is important to talk to someone who understands this phase like The Diaz Duo of Waterstone Mortgage who have done a great job in educating consumers whilst helping people who had a short sale or foreclosure a few years ago and didn't believe they could buy. This is a great opportunity for Boomerang buyers because they have the ability to purchase again.
Some advice from Andrew for those who are planning to get a mortgage is to prepare for an overabundance of documentation. Don't let that frustrate you because they are going to ask you to verify everything. Gone are the days when it was really easy to get a mortgage. Lenders now are very process oriented. You need to be able to prove your income, be able to show how much money you have in the bank, show that you have good credit, etc. Just be prepared with your financial house in order before you buy a home because you need to prove pretty much everything.
To get more Tampa Bay Real Estate news and advice from Tampa Bay's #1 Realtor, tune in to The Duncan Duo Real Estate Show on 970 WFLA - Tampa Bay every Sundays at 10 am.
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