Non-Prime - One Day Out of a Short Sale or Foreclosure

This loan is for people that have recently either foreclosed or short sold their property. If you have a recent short sale or foreclosure, this loan option could help you get into a home. No seasoning requirement for these housing events

Jumbo Loan Amount to $3,000,000

Loan Purpose:

  • Purchase
  • Refinance
  • Cash Out Refinance - $750,000 Maximum Cash Out (cash-in-hand)

Credit Scores / LTV / Loan Amount / Reserves Requirements:

  • 680 Credit Score - 80% LTV to $3,000,000 with 12 Months Reserves

  • 660 Credit Score - 80% LTV to $2,500,000 with 12 Months Reserves

  • 640 Credit Score - 75% LTV to $2,000,000 with 12 Months Reserves

  • 620 Credit Score - 70% LTV to $1,500,000 with 6 Months Reserves

  • 600 Credit Score - 65% LTV to $1,000,000 with 9 Months Reserves

  • 580 Credit Score - 60% LTV to $500,000 with 9 Months Reserves

Income Documentation Options:

  • Full Income documentation required
  • Salary Employee - previous 2 years W-2's and full tax return
  • Self Employed - previous 2 years full tax returns and current year profit and loss statement
  • 50% maximum DTI Debt to Income ratio

Eligible Property Types:

  • SFR Single Family Residence - Detached
  • SFR Single Family Residence - Attached

Eligible Occupancies:

  • Owner Occupied
  • Second / Vacation Home – 75% maximum LTV

Available in the Following States:

Alabama, Arizona, California, Colorado, District of Columbia, Georgia, Florida, Iowa, Indiana, Kentucky, Maryland, Michigan, Minnesota, North Carolina, Ohio, Oregon, South Carolina, Tennessee, Texas, Virginia, Washington, and Wisconsin

Reference # - 123 527030515 HE