Looking For Jumbo Home Loan After Foreclosure

[turboe]

I'm currently in contract to buy a home and my lender just let me know that they can't do my home loan after initially saying they could. The reason is I have a foreclosure that is 4 years old and the loan limits in my county will not allow for an FHA loan.

I'm seeking help to find a lender that will lend without a 7-10 year requirement after foreclosure. I would hate to lose this house that I have an offer on, please help.

 

[Erik Sandstrom]

Update: Program now released with only 5% down required!!! Call me 619-379-8999 or e-mail: [email protected] for more information or a quick quote.


Hi Turboe,
Don't feel alone, there are many people in your situation and you came to the right place to find answers to the situation you are dealing with. There's only a select few lenders that will offer a program for a borrower after foreclosure and we are one of them. We also lend in all 50 states, for this product the only states that are not available are New York and Massachusetts.

Since you're 4 years past the foreclosure we actually have a great product with low(er) rates than usual and I'll mention that below.

Jumbo Home Loan Programs After Foreclosure:

• 1 day must have elapsed from the deed being transferred out of your name
• Credit requirements vary depending on the amount of down payment
• 2 years out of foreclosure we have a program starting at 10% down, less than 2 years is 15% down
• Reserve Requirements do also vary depending on how much down

Shoot me over some of these details and I can give you an option:

1. Purchase Price:
2. Down Payment:
3. Credit Score:
4. Property Type (Single Family, Condo...etc):
5. Occupancy Type (Owner Occupied, Investment, 2nd Home):

With these details above I can give you an estimate of what you would be looking at.

This program is NOT hard money, there is no pre-payment penalty or balloon payment. The loan is designed to be short term and gives you the ability to refinance as soon as you're eligible (in your case most likely 3 years to reach the 7 year requirement, some investors as you mentioned will require 10 years).

 

[turboe]

Hey Erik,
Thanks for the quick response, here are some details you have asked.

1. Purchase Price: 1,200,000.00
2. Down Payment: 20% or 240,000.00
3. Credit Score: 650
4. Property Type (Single Family, Condo...etc): Single Family Residence
5. Occupancy Type (Owner Occupied, Investment, 2nd Home): Owner Occupied

Appreciate the help.

 

[Erik Sandstrom]

Anytime!
Ok, let's see about what you would be looking at:

1. Purchase Price: 1,200,000.00
2. Down Payment: 20% or 240,000.00
3. Credit Score: 650
4. Property Type (Single Family, Condo...etc): Single Family Residence
5. Occupancy Type (Owner Occupied, Investment, 2nd Home): Owner Occupied

First and foremost you don't have to put the full 20% down but the interest rates are quite attractive when you do. Here is what you would approximately be looking at:

Program: 5/1 ARM (fixed rates are available but typically not used in this program)
Interest Rate (estimate): 6.5 -6.625 or if you would like to pay discount points the rate can get lower
Monthly Payment: 6068.00 - 6147.00 (Principal & Interest)

As you can see the rates are not as good as a normal jumbo home loan however quite attractive when you think about hard money loans in comparison to portfolio loans. If we for some odd reason pull your credit and it is below 650, you will fall into the lower tiered program and the interest rates are higher. Since I've given you some information about what the payment and rate will roughly be (estimated) let's go over some program details:

Program Details for 20% down, 650 FICO:

• Reserve Requirement: 3 months of reserves
• Max loan amount 3 million
• No mortgage insurance (even when putting less than 20% down)
• Max debt-to-income 50% or 55% with compensating factors
• New York and Maine 2nd home transactions only
• Massachusetts not permitted

 

[turboe]

What would it look like if it was only 15% down? Thinking I could always save my funds if the deal is right. This is already very attractive.

 

[Erik Sandstrom]

With 15% down as of today 10/30/2017 at 2PM you would roughly be looking at:

Loan Amount: 1,020,000.00
Interest Rate (estimated): 7.125 - 7.25 (these rates do come with a slight cost)
Monthly Payment: 6872.00 - 6958.00

If you would rather talk directly we can do that, feel free to e-mail me at: [email protected] or give me a call directly at 619-379-8999

 

[turboe]

I think that would be best, I'm going to e-mail you right now and hopefully you can work some magic. I only have a few weeks left to close on this house.

 

[Erik Sandstrom]

That sounds like a plan, I'll watch out for an e-mail from you and jump on this right away. I typically ask for a 45 day close of escrow but I'm sure you have all your documents ready to go from working with the other lender.

 

[JeremyKo]

The thread is 3 years old, I wonder what is about loan conditions now due to the pandemic situation?

 

[JeremyKo]

The thread is 3 years old, I wonder what is about loan conditions now due to the pandemic situation?

Cuz I`ve run into a wrinkle with my house loan, those previous conditions do not fit me anymore, so I am thinking about remortgage. I have a mortgage that is not so small (2.5 multiple), but I'm looking now to take some funds out this year and buy one more property for my son, I think I will look to do a 10-year fix on it along with the existing amount.
I am on my start to work on it with coventrymoneyman.com they look trustful, I want to avoid issues with financial things and count everything up correctly. I do not think I can bear it to make all those decisions alone, I do need some broker`s help!