As a Lake Nacimiento Real Estate agent, I enjoy getting new reports on a weekly basis of how the national housing market is improving. The last few years have left many with a bad taste in their mouth for real estate and in a disheartening financial situation due to a short sale or foreclosure.
Yet, it’s exciting to see that these homeowners are making a comeback on to the market and have become known as “boomerang buyers.” If you lost your home due to the downward turn of the economy, but were told your credit was completely ruined; there’s good news! It’s simply not true!
Losing your Lake Nacimiento home to a short sale or foreclosure is not the end of the road for you in real estate. In fact, a recent report by Jeff Collins at the Orange County Register noted that, “More than 33,000 Orange County households now potentially could qualify for an FHA loan because it’s been three years since their short sale or foreclosure. In the nation as a whole, more than 3.4 million households have completed the minimum waiting period.”
Here’s a breakdown of waiting periods for boomerang buyers who lost their homes due to a foreclosure or a related event:
Foreclosure:
• Seven years for a government-backed Fannie Mae or Freddie Mac loan.
• Three years for a Federal Housing Administration (FHA) loan.
• One to two years for a FHA loan if there were extenuating circumstances (such as illness or death of a wage earner).
Short sale:
• Seven years for Fannie Mae or Freddie Mac with less than 10 percent down.
• Four years for Fannie Mae or Freddie Mac with 10 percent down.
• Two years for Fannie Mae or Freddie Mac with 20 percent down.
• Three years for an FHA loan.
Deed in lieu of foreclosure:
• Seven years for Fannie Mae or Freddie Mac with less than 10 percent down.
• Four years for Fannie Mae or Freddie Mac with 10 percent down.
• Two years for Fannie Mae or Freddie Mac with 20 percent down.
• Three years for FHA.
• One to two years for FHA loan with extenuating circumstances.
(Source: Fannie Mae, Department of Housing and Urban Development)
If you find yourself on the road to recovery after losing a Heritage Ranch or Oak Shores home on Lake Nacimiento, and you’re ready to begin again; please let me know!
As a Certified Distressed Property Specialist and Lake Nacimiento Real Estate agent, I would be happy to talk with you and answer any questions you may have!
Grace Borzini
Your Local Lake Nacimiento Real Estate Expert
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Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.
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