(Des Moines) In the business they are called Boomerang Buyers. They are people who lost their home to foreclosure who are re-entering the home buying market. Randy Hinkle with the Iowa Bankers Mortgage Corporation says they are starting to see a few people like that looking for loans.
“There are some loan programs where they can enter back into loans that have traditionally gone into Fanny Mae where the secondary market within probably two-to-four years of them coming out of a foreclosure situation,” stated Hinkle.
He says depending on what’s happened financially to them since the foreclosure, they are treated a lot like first time home buyers.
Iowa Radio Network
April 2, 2013