Comstock Mortgage, has been helping buyers into homes for over thirty years. Buyers can qualify for the Flexible Credit Home Loan Program just six months after bankruptcy – and just one day after short sale or foreclosure.
Losing your home to foreclosure or going through a short sale is one of the most disheartening experiences the modern homeowner can endure. Traditionally, a defaulted mortgage has meant years of poor credit and renting rather than buying.
Financial experts use to predict that it would take people around seven years to get their credit in shape and to save enough money to qualify for a new mortgage. But since this recent recession, many buyers are coming back to the market years earlier than anyone anticipated. Nicknamed “boomerang buyers,” these people are helping to drive the recovering real estate market.
What is a boomerang buyer?
Boomerang buyers are those who have defaulted on their mortgage but manage to bounce back much more rapidly than buyers in the past – sometimes as quickly as three years. This means that homeowners who went through foreclosure after the housing crash are already looking to buy again, and there will be many more boomerang buyers over the next couple of years.
Boomerang buyers note that housing prices are relatively low right now, but that they are anticipated to rise again soon. Similarly, mortgage rates are relatively low but may not stay that way. Rents are also going up. For these reasons, buyers are getting into the market as soon as feasible.
How mortgage bankers can help?
Many lenders and mortgage bankers are eager to help these returning home buyers qualify for a new mortgage, because they have worked hard to improve their credit. Moreover, every home sold contributes to the improving market. Lenders are going out of their way to offer loan programs to get boomerang buyers back on their feet.
What can Comstock and the Flexible Credit Program do to help?
Comstock Mortgage, has been helping buyers into homes for over thirty years. Buyers can qualify for the Flexible Credit Home Loan Program just six months after bankruptcy – and just one day after short sale or foreclosure. If you have a credit score of 600, can put down a 25% down payment, and are looking to buy a single family residence in Arizona or California, you should contact Comstock Mortgage for more information. Remember, a foreclosure or short sale no longer needs to stop you from buying again – you can purchase again much sooner than you might think.
For More information please contact Dan Tharp @ 916-257-1470 or email Dan at dtharp@Guildmortgage.net
The information contained in this training has been prepared and distributed for educational purposes only. This training information shall not be construed as a guarantee of loan approval; All loans are subject to underwriter approval.