There have been so many people that have lost their home through foreclosure that population is now a major factor lenders are going to have to deal with if they are going to be able to sell loans and realize profits. People should not assume they are forever out of the housing ownership market simply because this down cycle caused them to lose their home. It is very possible to rebound and to buy again. Same goes for people that have filed a Bankruptcy. Sit down with a Mortgage Broker or Credit Union Loan Professional and find out where you stand when it comes to obtaining a Mortgage Loan today.
There was a fantastic article on MSNBC this week covering “From Foreclosure to Homeownership.” It talks about the growing number of homeowners buying homes once again after facing foreclosure, bankruptcy and/or short sales. As a mortgage lender, I’m encouraged to see the market turning and more families buying homes once again.
Click here to read the article on foreclosure to homeownership.
FHA Loans Paving the Way
The article makes the case that FHA and government-backed loans (also including VA loans) have paved the way for more homeowners to buy houses. It even says that FHA loans and VA loans had most of the market share in 2011. While tax incentives have been given to first-time buyers, these loan programs are also helping past homeowners who faced foreclosures and short sales to buy houses again. And the incentives continue as seen by the FHA’s reduced fees effective in June 2012
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