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).