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Are you out of the water yet?

Boomerang Buyers!
Boomerang Buyers!

Boomerang Buyers are our in force...

Boomerang Buyers are the buyers who previously lost their homes during the housing slaughter and are now out looking for new homes to purchase as time frames and great programs are allowing for the return to market.

Here are a few items to think about if you are one of these buyers or intend to be in the future.
1. Is to wait the total time period from the sale/foreclosure of your last home typically 3 years, for some it may be shorter for others a bit longer but 3 years seems to be the most adhered to by lenders who are willing to lend again to these buyers. While you are waiting you would be smart to
2. Get your credit in order, pay off debt that has gone to collection and get your credit scores back up. A lot of people only had the mortgage as the drag on credit but others let credit cards go, so time to clean that up and get those items cleared and establish a good payment history.
3. If you had an FHA or VA loan that was foreclosed on talk to a lender to check to see if your loan has been added to the government run data base CAIVRS, only a lender can do this.
4. SAVE money for the downpayment! Most buyers are surprised to find that they need a downpayment and closing costs and reserves. Even though you only need 3.5% down for an FHA loan you still need to have that money and be ready to apply it, knowing that you will have an additional cost of mortgage insurance added to your payment.
5. Get pre approved so you know what programs you are eligible for as not all lenders lend at the same rate or program. Having a pre approval is vital.
6. Have a plan with a professional Realtor to start early and be prepared. When that house that is perfect for you comes on the market if your ducks are not in a row, you loose, as the one that is prepared and working with a seasoned professional will 9 times out of 10 get the contract signed. Housing and qualified ready buyers go hand in hand. Housing is limited in our area and the competition is stiff with the Investors that are always looking to scoop up the housing and resale or rent it back to you!

So long story short- Owning a home is still a great benefit, if you are ready to get back into a home while the rates are still low, the time is now, and I am one of the best at finding and obtaining homes for my clients. 
Call Jill McGovern to get started as I have all the resources you will need to get back into the market and saving you tax dollars while building wealth is the way to go!
949-510-9494  or email JustSold@JillMcGovern.com

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