Boomerang buyers — homeowners who have emerged from foreclosure or short sale and are ready to buy again — are returning to the housing market, according to the article, “Boomerang buyers make a comeback,” in the Chicago Tribune (via The Orange County Register).
Borrowers seeking a mortgage backed by the Federal Housing Administration (FHA) must wait at least three years following a foreclosure or short sale and must meet good credit guidelines. Nationally, as many as 3.4 million boomerang households could potentially qualify for an FHA mortgage, according to the article. Qualifying for a conventional loan through Fannie Mae or Freddie Mac will take longer — at least seven years.
In other news:
Metro-east homes sales are edging up – Belleville News Democrat
Kane sheriff’s office seeks help to deal with foreclosures – Kane County Chronicle