Jumbo Loan After Foreclosure Or Short Sale

Jon Maddux

Call 1-800-779-4547
Jan 17, 2010
84
0
0
Carlsbad, CA
NEW PROGRAM AVAILABLE FOR JUMBO LOANS AFTER FORECLOSURE OR SHORT SALE!
Requirements:
No specific waiting period required. (Loans are approved on a case-by-case basis)
10 percent down (with 20 percent pledged assets or cross-collateralization)
30 percent down (without pledged assets or cross-collateralization)
680 Credit score (or higher)
$350,000 Minimum Loan amount
$5,000,000 Maximum Loan amount (higher with exception)
Interest only option available (Requires 40 percent down)
Asset depletion option available. (Stated income / Verified assets)
Second home ok
Investment property ok
Primary residence ok
Program available in select States: Arizona, California, Colorado, Florida, Idaho, Illinois, Maryland, Nevada, New Mexico, Oregon, Tennessee, Texas, Virginia, Washington, Wisconsin, Wyoming
5 year fixed / 7 year fixed / 10 year fixed programs available – This loan is NOT hard money.
Want to know more details on how to get pre-approved for a Jumbo mortgage after foreclosure? Email me.

***UPDATED PROGRAM INFORMATION BELOW***
 
Last edited by a moderator:

mirkus35

LoanSafe Member
Sep 29, 2008
89
0
0
I am interested in your program. I had a foreclosure a little over 3 years ago and my wife had a short sale a little over 2 years ago (properties owned separately). Our credit scores are in the low 700's
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
48
48
San Diego, California
www.LoanSafe.org
Hello Mirkus,

Which state are you located in? Also, do you happen to have a purchase price range in mind? For this program you must be in the market for a $429,000+ property (30 percent down to equal minimum $300K loan amount) and there's no specific time frame in order to be eligible. If you're looking to purchase in CA or AZ there's a similar program that has a $100K minimum loan amount.
 

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
2,042
161
63
San Diego, California
www.loansreduced.com
This program has been updated, here are the recent guidelines. Most of these products are designed to be short term with no pre-payment penalties or balloon payments. This can help you avoid hard money and bridge that gap from when you become eligible for a traditional jumbo, high balance, conventional or government loan.

Day after foreclosure:
Max loan amount: 1,000,000
Primary Residence or Second Homes only
Debt-to-Income Ratio as high as 55% allowed
15% down starts at 640 FICO with 6 months of reserves
20% down starts at 620 with 3 months reserves
30% down starts at 580 with 3 months of reserves (we have multiple investors for this product)
Cash out refinances available
Charged off 2nd liens not affecting title also ok (typically if on another property owned or foreclosed prior)

Day after Short Sale or 2 years after foreclosure:
Max loan amount: 1,500,000
10% down starts at 660 FICO
15% down starts at 620 FICO
20% down starts at 610 FICO
Same DTI and residency requirements as the above program

We also have a program for jumbo borrowers with even better terms once they are 4 years out of the economic event as well. The longer the seasoning, more you're willing to put down and higher credit score will determine the terms you are eligible for.

Please feel free to contact myself directly at: [email protected] or 800-779-4547 for more information and guidance.