Are you a “Boomerang Buyer” – 6 things you need to know!

A “boomerang buyer” is a prior homeowner who had a foreclosure during the mortgage meltdown.

If this is you, 2015 is your year!

Most likely that foreclosure or short sale happened in 2008 and with the 7 year conventional waiting requirement, you will be eligible for a new conventional loan in 2015!

Here are a few things that will be helpful as you begin your new home qualifying process:

1. Start early!  Having all of your “ducks in a row” will help when you begin the process anew.  EVERYTHING you encountered when you purchased your home “last time” is COMPLETELY different now so starting early and being prepared is critical.
2. Required waiting periods: Remember, in order to qualify for a new conventional mortgage, you need to have been out of foreclosure a minimum of 7 years.  This is 7 years from the date the home transferred ownership out of your name.
3. A down payment required this time! There are new 3% and 5% conventional down payment options even on conventional financing.  These options are limited to borrowers with higher credit scores.   Having your credit report clean and ready is crucial to your ability to qualify for these programs.  FHA is always an option in the event you are unable to qualify for a conventional loan.
4. Check your credit: You can obtain a FREE copy of your credit report annually at www.annualcreditreport.com – this is will allow you to take an initial peek into your credit, what is reporting, how is it reporting and is there anything you need to clear up?
5. If you had a VA loan that resulted in a foreclosure you may not have your full entitlement remaining for your new purchase.  Reach out to your lender to obtain your Certificate of Eligibility. This will show what if any, balance will not be restored.
6. Get pre-approved.  The purchase contract is now contingent on your pre-approval.  You will need this form to enter into a contract.  You can get pre-approved easily and in most cases the same day.  Best place to start?  You can easily apply online at www.fcfs.net

We are here to help each step of the way.  No question is a silly question.  The more questions the more prepared.

Get started today!

Having a dream is good, OWNING one is better!

Leslie Nilsen

First Class Financial Services

www.fcfs.net

mortgagedr@fcfs.net

602.294.9288

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