{"id":565,"date":"2017-08-24T08:00:20","date_gmt":"2017-08-24T14:00:20","guid":{"rendered":"https:\/\/www.richmondamerican.com\/agent-blog\/?p=565"},"modified":"2024-01-12T07:58:51","modified_gmt":"2024-01-12T14:58:51","slug":"how-to-help-a-boomerang-homebuyer","status":"publish","type":"post","link":"https:\/\/www.richmondamerican.com\/agent-blog\/how-to-help-a-boomerang-homebuyer\/","title":{"rendered":"How to Help a \u201cBoomerang Buyer\u201d"},"content":{"rendered":"<p>It&#8217;s 2017, and that means many Americans who were hardest hit by the Great Recession have had time to reestablish their credit and may be thinking about owning a home again. These boomerang buyers\u2014former homeowners looking to reenter the market after having been sidelined by foreclosure or bankruptcy\u2014can be a great demographic for expanding your client base. Oftentimes credit-impacted buyers feel adrift navigating their way back to homeownership, and an agent with the right expertise can prove invaluable. To position yourself for success, check out these beginning pointers on becoming an effective ally for boomerang buyers.<\/p>\n<h2>Find their best loan option<\/h2>\n<p>Each loan type has a different waiting period before boomerang buyers can apply for a home loan\u2014and the waiting period can also differ based on what type of credit event occurred. Reference the following tables (<a href=\"https:\/\/www.richmondamerican.com\/Campaigns\/4\" target=\"_blank\" rel=\"noopener\">from our homebuyer guide<\/a>) to get an idea of which loan might best fit your client\u2019s situation.<\/p>\n<h2>Typical waiting periods<\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-612 size-full\" src=\"https:\/\/www.richmondamerican.com\/agent-blog\/wp-content\/uploads\/2016\/03\/Chart1_646x340.png\" alt=\"Chart showing loan option waiting periods\" width=\"646\" height=\"339\" \/><\/p>\n<h2>Waiting periods with extenuating circumstances<\/h2>\n<p>(For buyers who suffered financial troubles caused by events beyond their control\u2014e.g., major illness, divorce or death of a spouse)<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-611 size-full\" src=\"https:\/\/www.richmondamerican.com\/agent-blog\/wp-content\/uploads\/2016\/03\/Chart2_646x340.png\" alt=\"Chart showing loan option waiting periods with extenuating circumstances\" width=\"646\" height=\"339\" \/><\/p>\n<h2>Help them with prequalification<\/h2>\n<p>Prequalification for a boomerang buyer won\u2019t be the same as the last time they bought a home. In addition to standard documentation, they\u2019ll need to know what materials to gather related to their foreclosure, short sale or bankruptcy, which may include:<\/p>\n<ul>\n<li>Bankruptcy records, discharge receipts and\/or repayment statements<\/li>\n<li>A <a href=\"http:\/\/portal.hud.gov\/hudportal\/documents\/huddoc?id=1.pdf\" target=\"_blank\" rel=\"noopener\">HUD-1 Settlement Statement<\/a> (received after a short sale), plus a statement from their previous lender indicating their mortgage is considered paid in full<\/li>\n<li>A Trustee\u2019s Deed or similar document verifying when their foreclosure was complete<\/li>\n<\/ul>\n<h2>Get more information<\/h2>\n<p>For more on how to help boomerang buyers get back into the housing market, check out our guide: <a href=\"https:\/\/www.richmondamerican.com\/Campaigns\/4\" target=\"_blank\" rel=\"noopener\">Buying a House After Bankruptcy, Foreclosure or Short Sale<\/a>.<\/p>\n<p>And you can always contact our affiliate, <a href=\"http:\/\/www.homeamericanmortgage.com\/\" target=\"_blank\" rel=\"noopener\">HomeAmerican Mortgage Corporation<\/a>, to have a loan officer help sort through the particulars of the process. Call <strong>866.400.7126<\/strong> today.<\/p>\n<div id=\"nopin\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>It&#8217;s 2017, and that means many Americans who were hardest hit by the Great Recession have had time to reestablish their credit and may be thinking about owning a home again. These boomerang buyers\u2014former homeowners looking to reenter the market after having been sidelined by foreclosure or bankruptcy\u2014can be a great demographic for expanding your [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2831,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"ub_ctt_via":"","cybocfi_hide_featured_image":"","footnotes":""},"categories":[7],"tags":[21,53,56,77,82],"featured_image_src":"https:\/\/www.richmondamerican.com\/agent-blog\/wp-content\/uploads\/2016\/03\/iStock_000010713922XLarge.png","author_info":{"display_name":"rahblogadmin","author_link":"https:\/\/www.richmondamerican.com\/agent-blog\/author\/rahblogadmin\/"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>How to Help a \u201cBoomerang Buyer\u201d - A blog for your sales success<\/title>\r\n<meta name=\"description\" content=\"Learn how to help your client get back on the path to homeownership after a major credit event.\" \/>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.richmondamerican.com\/agent-blog\/how-to-help-a-boomerang-homebuyer\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"How to Help a \u201cBoomerang Buyer\u201d - 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