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Monday, February 17, 2014
‘Boomerang buyers’ could boost market by Kimberly Miller
JUPITER, Fla. — Some housing experts are trumpeting changes that allow foreclosure sufferers to buy back into the American Dream sooner than they probably imagined, calling 2014 the year of the “boomerang buyer.”
Revisions made over the summer to Federal Housing Administration guidelines and technical updates in November to Fannie Mae loan approval systems have opened the door for some former homeowners to buy again just one year after foreclosure.
Founders of the San Diego-based company AfterForeclosure.com said last month that millions of banned borrowers nationwide will be eligible for a mortgage this year, while Jupiter, Fla., mortgage broker Skip McDonough said his firm is already doing deals with homebuyers who were forced into default during the housing bust.
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