Illinois REALTOR® Magazine | October 2013

FHA Offers Faster Turnaround

Time for Boomerang Buyers

Homebuyers who lost their homes to foreclosure, short sale or deed-in-lieu of foreclosure but are now looking to buy again will have a much shorter waiting period—12 months rather than the previous 36 months—to be eligible for a mortgage insured by the Federal Housing Administration (FHA). Under FHA’s Back to Work-Extenuating Circumstances Program, potential buyers who lost their homes because of financial difficulty due to extenuating circumstances but can now document that they have recovered from that downturn, could be considered for homeownership much faster than before.

Changing American Households

The U.S. household has changed over the years but the recession has had its own impact on households with children, according to a U.S. Census report, “America’s Families and Living Arrangements: 2102.” Between 2005 and 2011, there has been a 33 percent increase in children under 18 living with at least one unemployed parent. At the same time there has been a 15 percent decline in the number of households with children who own their home.

29 percfent statistic for first-time buyersFirst-time buyers 29%

First-time homebuyers now account for 29 percent of residential buyers, a marked decrease from the 40 percent rate common in recent years. Of recent first-time buyers, 10 percent paid cash for the property.
Source: REALTORS® Confidence Index Survey, July 2013

 

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October 2013

October 2013 cover


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