Not to be confused with the Boomerang Generation (those young adults who finished school with a lot of student debt and thus moved back in with their parents), Boomerang Buyers are those who are now back in the housing market after having lost their homes to foreclosures or short sales in the housing bubble of 2006.
After three years of re-establishing credit, these buyers may well qualify for a FHA-guaranteed loan. With the new Qualified Mortgage (QM) rules in effect, buyers enjoy better protection, thanks to the efforts of the Consumer Protection Agency. I applaud this development, even though others in the mortgage industry complain about these changes. In my opinion, they are simply looking at their own bottom line, rather than the interests of the consumer/buyer/client.
With the new rules in place, the industry has a chance to become once again the reputable profession I am proud to help shape and transform. After the disastrous conduct by many that led to the economic downfall of so many consumers (and thus the economy as a whole), I felt duty-bound to do my share to put integrity back into the business model of mortgage lending.
When I decided to open Topaz Mortgage in March of 2008, I wanted to revolutionize how mortgages are transacted. We start by empowering our clients to decide on the type of loan that best fits their needs. Then we invite them to shop around with other Banks, Lenders and/or Brokers. More often than not, this process leads the path back to our door. This way of doing business got national attention, and projected me as an innovator who is making serious waves and is reshaping the industry.
If you are a Boomerang Buyer or know of someone who is, I would love to help them create a game plan to get them back into the housing market. Not only is a house of your own a roof over your head, it will, once again, be an asset building tool – and your place to call home.
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By Todd LaBorwit – President
Direct Line: 301-637-8054