Rent-to-own is advantageous for potential buyers as they have time to build a down payment, develop good credit, get a feel for the neighborhood and home, and settle for a sales price that allows them to buy the home at a below-market price (Richardson). This option ensures that the buyer isn’t wasting time as he/she waits to be qualified for a loan. These waiting periods will vary from two years for a VA loan, three years for a Federal Housing Administration (FHA) loan, and seven years for a conventional loan (Lerner). The FHA also offers a Back to Work program where people can reapply in twelve months if they prove their income fell 20 percent or more due to a job loss (Lerner).
This waiting period is important for buyers to develop a plan that they can follow. When rebuilding credit, history of paying bills on time help, even though, the foreclosure will stay on the credit report for seven years (Geffner). Buyers should ensure that their debt-to-income ratio meets lender’s guidelines too (Geffner). Once a buyer is ready, they should get preapproved for a loan to show realtors and sellers that they are able to purchase the property and buyers should ask a lender to consult CAIVRS, a database of government-insured debts (Geffner). The CAIVRS can deter eligibility for government loans.
Boomerang buyers may have lost their homes, but they show a reliance and determination to buy a new home. They would be more careful this time arou...
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...al decisions. They should investigate all their options and talk to qualified lenders and realtors. Purchasing a home is a cooperative effort so that the banks, the realtors and the sellers and buyers all profit from this endeavor. There are many different loans that buyers can qualify for. Also, buyers that lost a home in short sale may have an easier time than buyers that lost their homes in foreclosure. Boomerang buyers owe it to themselves to rebound from the crisis to become a part of the capitalist economy and rebuild their lives. My family has rebuilt their lives and gained a new home. They are more financially secure and no longer keep up with the Joneses. It is unnecessary to keep a façade and live beyond your means. Whether boomerang buyers choose the rent-to-own option or wraparound financing or land installment contract, they are here to own a home again.
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