According to the NAR, lack of knowledge about special financing programs or lender overlays hinder the return of Boomerang Buyers.
Other barriers they face are impaired credit scores, weak job situations, or a family matter.
“Mandatory waiting periods for financing through the FHA, VA, or the GSEs also impact return buyers,” the NAR says. “The FHA, VA, and GSEs restrict access to credit following a foreclosure for a minimum of 3, 2, or 7 years, respectively, though the GSEs are more lenient for a short sale.”
PB Topical Ref
