“One Million Boomerang Home Buyers Coming into the Market in 2016”
These are individuals that may have had a foreclosure, done a deed in lieu of foreclosure, had a short sale and or had a bankruptcy.
There is good news and bad news for these potential home buyers. There are many areas of the United States that already have a shortage of listings. So with these additional buyers looking for homes it will mean higher costs and a higher mortgage payment. The positive news for any of these buyers is that income will most likely not be an issue.
I did a pre-qualification for a couple that had lost a home 5 years ago. They were currently renting a home paying $1,700 per month and in May the rent is going up $125. They had a combined income of $10,000 per month and a 10% down payment. We estimated that their mortgage payment will be about the same as their rent. They knew it was time to buy a home and stop paying rent.
Image courtesy of phanlop/freedigitalphotos.net
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Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.