buy back into the American Dream sooner than they probably imagined, calling 2014 the year
of the “boomerang buyer.”
Revisions made over the summer to Federal Housing Administration guidelines and
technical updates in November to Fannie Mae loan approval systems have opened the door
for some former homeowners to buy again just one year after foreclosure .
Founders of the San Diego-based company AfterForeclosure.com says last month that
millions of banned borrowers nationwide will be eligible for a mortgage this year, while
Jupiter mortgage broker Skip McDonough says his firm is already doing deals with
homebuyers who were forced into default during the housing bust.
“The old-fashioned way of doing it was a seven-year waiting period,” says McDonough,
president of Family Mortgage. “That’s changed, and people who don’t believe they can
qualify are qualifying.”
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