Non-Prime – One Day Out of a Short Sale or Foreclosure Loan
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
- Cash Out Refinance – $750,000 Maximum Cash Out (cash-in-hand)
Non-Prime – One Day Out of a Short Sale or Foreclosure Loan
- 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
Last Updated on 2 weeks ago by Broker Mortgages