Boomerang Buyers

Boomerang buyers are those folks who lost homes to foreclosure or deed-in-lieu or by some sort of compromise sale in the past few years, who are now ready to get back to being home owners instead of renters. FHA (the government backed lender) has come up with a program called "Back to Work" that is designed to help those people purchase homes again. The general idea is this: (quoted from HUD - Back to Work)  FHA is allowing for the consideration of borrowers who have experienced an Economic Event and can document that:
 certain credit impairments were the result of a Loss of Employment or a significant loss of Household Income beyond the borrower’s control;
 the borrower has demonstrated full recovery from the event; and,
 the borrower has completed housing counseling. Of course, there are other rules and regulations that go with this program and qualified lenders can help you navigate that. If you are one of those former home owners who lost a home in the recent recession, it may be time for you to find out if you are eligible once again to purchase a home. Owning a home is still the American dream. Are you ready to "boomerang" back into homeownership?