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Homeowners who lost their homes in the crash of 2008 are poised to make a comeback into the housing market. More evidence of a potential for improvement in home purchases in 2017 and 2018. This means more home purchases, more financing opportunities for mortgage lenders. That’s good.
Many homeowners were forced to give up their homes either through bankruptcy, foreclosure, deed in lieu or short sale. These prior homeowners now want back into the homeownership game. The mark left on their credit profile from these actions is now due to expire. With that, they may once again seek viable financing for the purchase of a new home.
Studies show that these prior homeowners have re-established their credit, and in most cases now carry a higher credit score than before the crash. Having gone through some tough times, and weathered the storm, they are now ready to take what they’ve learned and once again grab their piece of the American Dream.
America is all about great comebacks and second chances. These ‘Boomerang Buyers’, as they’ve been dubbed (for obvious reason), are ready to re-enter the housing market and will be looking to lenders for the home financing they need. Many may turn to FHA-insured loans as this financing is a little more available to those with dinged credit and less of a down payment.
Nonetheless, these Boomerang Buyers are back. Ready to buy and ready to once again take their place among active homeowners. Lenders need to be ready to handle their needs, evaluated the effects of their past problems, and provide them financing to get back into a home they own.
Are you prepared to service the needs of the Boomerang Buyer?
