Monday, February 25, 2013

New Housing Term: What’s A ‘Boomerang Buyer?’

From an Orange County (CA) Register article:

Three years later, Stucker has mended both her heart and her credit score. She has a new husband and, “miraculously,” a new house.

Stucker is among the emerging ranks of boomerang buyers — people who bounce back from foreclosures or short sales to become homeowners again.

Generally, buyers must wait at least three years after a foreclosure or short sale to qualify for a government-backed Federal Housing Administration mortgage. It can take seven years to get a conventional loan backed by Fannie Mae or Freddie Mac.

Source: http://electricalcontractor.com/?p=8486

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