Boomerang Buyers that had a short sale or foreclosure may be able to buy a home again in Tampa Bay

 

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Andrew Duncan, Tampa's #1 realtor talks to David Diaz of Waterstone Mortgage about Boomerang buyers who are thinking about buying a new home.
   
Boomerang buyers are those who previously had foreclosure or a short sale but are now back in the market ready to buy a new home. So many of them are misinformed or misunderstood when it comes to their ability to purchase again. This may be the reason why a lot of them are not buying because they don't know they have the option to buy. They're afraid that the foreclosure or short sale they did 3 years ago could prevent them from buying.

David talks about the different loan programs - conventional loan, FHAn loan, and VA loan. Although rules may vary between them, as a rule of thumb, 4 years after the foreclosure/short sale, you will be completely good for all of these programs. However, there are instances where you are eligible even before the 4 years are up. Like with FHA, you can do it 3 years out of a short sale or foreclosure or 2 years out of a bankruptcy. VA can be 2 years out of a foreclosure or short sale. Andrew adds that there are also situations where the buyer can qualify sooner as long as they have unusual but very well documented hardships that could be made as an exception. Some of these are death of a major earner, losing your job unexpectedly due to a lay off, or even medical issues. One common question people have is if divorce is one of the exceptions, but no matter how traumatic it may be for some, it is not included in the list of exceptions.

So if you are one of these people, it would be best to get in touch with a great mortgage professional like David Diaz who can steer you in the right direction.

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 Sunday at 10 am.