West Sacramento Short Sale Specialist, Default Advocate, Distressed Property Expert and West Sacramento Short Sale Agent Mike Rigley here
bringing you the latest West Sacramento Short Sale Information. Thank you
for joining us. Today let’s talk about Getting back into the West Sacramento
Housing Market following a West Sacramento Short Sale.
According to Realtor.Mag
as reported in the Wall Street Journal, Families who had once lost their home
to foreclosure following the housing crash are now re-emerging and looking to
buy again.
As Stuart Miller, chief
executive of national homebuilder Lennar Corp., puts it: More people are
“coming out of the penalty box.”
Some builders have a
growing interest in reaching out to these “boomerang” foreclosure buyers. For
example, builders like K. Hovnanian are providing sales staff with fliers that
detail mortgage eligibility rules for families who have undergone a foreclosure
or bankruptcy.
"The industry is
saying, 'Pay your dues and then get back into the market,' " says Dan
Klinger, president of K. Hovnanian American Mortgage.
In order to qualify for a
mortgage backed by FHA, families must wait three years or more to
apply again following a short sale, seven for a foreclosure. Using that
benchmark, about 729,000 households that were foreclosed on during the housing
crash are now eligible to apply for an FHA mortgage–up from 285,000 a year ago, The Wall
Street Journal reports.
But just because
“boomerang” families are allowed to apply again for financing for a home
purchase doesn’t mean they’ll qualify for a loan, housing experts say. These
families will still have to show a strong credit score and meet stringent
underwriting standards.
Knowing this, doesn’t a West Sacramento Short Sale just make good
business sense?
To get a better idea of when your West
Sacramento home will be worth what you owe, log in to www.shortsaleandloanmod.info for
a free estimate or call me today for a free no obligation consultation or for
the latest West Sacramento short sale information. Call me
today and sleep better tonight; you’ll be glad you did
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