What is a boomerang buyer?
How can a USDA loan help boomerang buyers?
Due to the recession and financial crisis, this has impacted homeowners through foreclosure, bankruptcy, and short sales. In addition, many have also experienced loss of employment and a reduction in wages
In a recent TransUnion study, they estimated that over the next five years there will be 2.2 million boomerang buyers re-entering the market. As these consumers rebound, a new opportunity awaits for these boomerang buyers to qualifying for a mortgage.
In the same survey, they calculated that 700,000 will be able to meet agency selling guidelines within the next five years (which means conventional loan guidelines).
However, we also know that USDA guidelines offer more flexibility with credit qualifying when compared to conventional loans, which could help speed up the waiting time and qualifying process for many prospective homebuyers.
Because of the importance of this topic, I wanted to remind everyone about how to qualify for a USDA loan after a foreclosure, bankruptcy, or short sale and have listed the links below with the critical details on how this can help boomerang buyers qualify for a USDA loan.
For your convenience, I also thought it would be a good idea to summarize these boomerang buyer loan qualifying points in one post so it is easier to forward and share with your database, colleagues, and friends to help spread the word that affordable homeownership is available!
And remember, as a USDA approved lender we offer the experience and expertise to give you the advantage. Just simply call or email to discuss yours scenario and let us show you the “Metroplex Difference“!
(800)806-9836 Ext. 280
And don’t forget to download our USDA Blueprint for success with the link below, it is designed to be a great resource for the homebuying process and to help walk you through the process step-by-step.
In this short video, I will explain how it can be possible to qualify for a USDA loan after foreclosure and also discuss any possible USDA exceptions to their foreclosure waiting periods. This is a must see tip for a boomerang buyer who had a previous foreclosure and is now trying to qualify for a USDA loan.
Do you know what are the waiting periods for USDA and FHA after a bankruptcy? What if there was a mortgage that was included in the previous bankruptcy? These are critical facts to know for any boomerang buyer, and I will walk you through the steps on how to qualify for a USDA or FHA loan if a home was included in the bankruptcy.
Can you qualify for a USDA loan after a short sale? While this is a common question that we receive, this video will go into details about recent updates and explain how a USDA loan may be able to help.
Credit for images used in this post are attributed to TransUnion