Boomerang Buyers, aka buyers that are returning to the housing market after short sale, foreclosure, or bankruptcy, must reestablish their credit but what exactly does that mean? Answers may vary between lenders but for the most part these are the general guidelines. A spouse’s credit cannot be used to meet the requirements below. If the bankruptcy, foreclosure or short sale is more than 7 years ago, the client does not need to meet re-established credit. A minimum of 2 trade lines is required, one of which is housing related, such as a mortgage or rent payments. If the client … (0 comments)
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