mortgage

6 tips for boomerang buyers of homes

Ask a lender to consult CAIVRS
Ask a lender to consult CAIVRS © NotarYES/Shutterstock.com

Rebound buyers whose foreclosed loans were backed by the FHA or U.S. Department of Veterans Affairs should be aware of CAIVRS, a government-run database of government-guaranteed loan delinquencies. Borrowers whose unpaid government-insured debts are tracked in CAIVRS typically can't obtain new government-backed debt.

"If a claim has been paid by the federal government on a previous mortgage, you're ineligible until you repay the government the claim amount that was paid," Carpenter explains.

CAIVRS isn't publicly accessible, so borrowers must consult an authorized lender to find out whether their foreclosed loan is listed.

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