Need a jumbo loan after a short sale!!

Asked by Kurt K, Winnetka, IL Sun Apr 14, 2013

Looking to buy in N. Scottsdale. I had a short sale that closed in August of 2010, but never late. Middle credit score is 717, and have a solid income...200k . Is thee anyone out there who can help.

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29
Terri Club’s answer
Terri Club, , Arizona
Tue Apr 23, 2013
I had a client who wanted to buy a home in Arizona, but he had a foreclosure. After researching the web I found a loan program at http://www.cfsflex.com, they allow a mortgage after a foreclosure. There is no waiting period. Good to see lending options coming back.
0 votes
Nina Brinkley, , Dallas, TX
Wed Jan 17, 2018
We have several Jumbo Loan options for you. You can do 5% down with 720 fico score- No Mortgage Insurance is required for this loan product. Loan products change all of the time. I do not see any concerns at this point.
0 votes
Frank S., , California
Sat Oct 28, 2017
No problem, you may consider 5% down jumbo from a minimum 720 fico score up to 1.5m and minimum 660 fico score to consider 10% down jumbo up to 2.5m.

Your qualifications will be determined by your credit profile, debt to income ratios, fico scores and loan program choice.
0 votes
Robert Spino…, Mortgage Broker Or Lender, Mill Valley, CA
Fri Oct 27, 2017
It is 2017, and I can only speak for California transactions, but we are able to offer competitively priced jumbo mortgages on the purchase and refinance side with short sales that are more than 4 years old. We have other options that require less time to have elapsed but their rates are higher.

I think that when most consumers research this topic they are bombarded with programs that allow 1 day out, 1 year out, etc., but the price associated with these can be steep. I've found that what people are looking for is more defined as, "How long do I have to wait after a short sale before I can get a really great jumbo loan?" And for us, that answer is 4 years.

Loan amounts to $3MM, FICOs to 680 and these are all fully-documented loans without prepayment penalties. Let me know if I can help. Thank you!
0 votes
jumbosource, Other Pro, Valdosta, FL
Wed Jun 22, 2016
Short sale discharge min 2 year, must have 700 credit with clean history after short sale. 85% financing - up to 1mil loan amount.

Jumbo Mortgage Source
Specializing in 95% Jumbo loans
Serving home buyers in all 50 states
0 votes
William Cook, Mortgage Broker Or Lender, Manhattan Beach, CA
Sat May 21, 2016
I can offer this just one day after short sale. Obviously, rates will improve as you go 1 year, 2 years and more. 20% down is necessary less than 2 years from short sale date. AZ, CA, FL, TX
0 votes
I got a FHA loan for 362 but I want a jumbo loan for 675
Flag Mon Sep 25, 2017
, ,
Tue Jul 14, 2015
Update: We now have these Jumbo loans in 46 States!
0 votes
, ,
Fri Dec 12, 2014
Update on this: We closed on Kurts purchase loan, and now we are refinancing him to a better rate and term. If anyone else is in a similar situation I would love to help.

We have the same program available after foreclosure as well. As of now it's available in AZ, CA, CO, DC, FL, HI, IL, MD, MT, NV, NJ, NY, NC, OR, SC, VA, and WA
0 votes
Craig, can you contact me about a loan?
Flag Sat Mar 26, 2016
For any states that Craig doesn't lend in, I will do those as I lend in all 59 states...
Flag Sat Dec 13, 2014
, ,
Tue May 27, 2014
Hi Kurt K,

Yes you can get a Jumbo loan 2 year after the completion of a short sale provided you can put down 20% and all off your other qualifications are in line. Our Jumbo guidelines follow Fannie/Freddie in regards to Short Sales/Foreclosures/Deed-in Lieu/Bankruptcy and there is no pricing hit. We offer competitive market rates 30/15 year fixed and 5/7/10 year ARMS.

Regards,

Mark DeWitt
V.P. Branch Manager
HomeStreet Bank
(858) 212-7054 Direct
(760) 331-2063 Fax
NMLS #633211
Mark.DeWitt@HomeStreet.com
http://www.homestreet.com/mdewitt
http://www.linkedin.com/pub/mark-dewitt/3b/100/59b/
0 votes
I want a jumbo for 675 my foreclosure is five years old I make about 200 A year
Flag Mon Sep 25, 2017
, ,
Tue Nov 26, 2013
Yes, we have loan amounts up to $4 Million. Our "2nd Chance" program would allow you to buy again now. There's no waiting period. Great rates as well.

If you would like more info contact me at my website below-
Web Reference:  http://www.craigbosse.com
0 votes
I just got approved for a FHA loan for 362 I want a jumbo loan for 675
Flag Mon Sep 25, 2017
Bianca Benne…, Agent, Glendale, AZ
Tue Nov 26, 2013
you need to speak with a good lender. Let me know if you need a good conatct info, I know someone that can help you.

Best Regards,

Real Estate Professional / Prestige Realty
Bianca Bennett / 602-570-7898
Bianca@InvestInArizonaHomes.com
Website: http://www.InvestInArizonaHomes.com
0 votes
Mike Rankin, , Scottsdale, AZ
Thu Nov 7, 2013
Have you been pre_qualified. We have a portfolio program for that at peoples mortgage.
0 votes
Mark Tait, Agent, Flagstaff, AZ
Sat Oct 26, 2013
I would call my loan officer. She's awesome, detail-oriented, and been in the business for 14 years. I trust her with all my client referrals, and I know they have great jumbo programs.

Sue Lechman
AmeriFirst Financial
480-797-6000

Let her know Mark Tait referred you!
Web Reference:  http://suehomeloans.com
0 votes
Amber Rohner, Agent, Gilbert, AZ
Thu Jun 20, 2013
Hi Kurt!

I can second CFS Mortgage!! I have worked with Ted Lanier in the past and really feel as though he gives you honest answers without giving you the run around. Let me know if you have any further questions :))

AmberR@RealtyOneAZ.com
0 votes
Vivien L Big…, Agent, Scottsdale, AZ
Sun Jun 2, 2013
Mo Hamideh
Peoples Mortgage
602.405.9502
mhamideh@gmail.com

JB or Jodie
Nova Home Loans
602-541-4419
0 votes
William Cook, Mortgage Broker Or Lender, Manhattan Beach, CA
Sat May 11, 2013
Kurk,

I know a few licensed mortgage brokers in Arizona who can do those type of deals.

There's a few different loan programs and options to make it work. You are almost at the 3 year mark so then FHA "may look at you" with a good sized down payment and credit score (which you have already) . Although, I'd try a company that has a portfolio product before FHA though.
Plus, with more investors buying jumbo loans they'll be less strict than 2 to 3 years ago.
Web Reference:  http://www.ijumboloan.com
0 votes
, ,
Mon Apr 22, 2013
Hey Kurt,

What type of properties are you looking at? How much reserves do you have?
Within 2 years of a shortsale Fannie Mae (conventional financing) will issue a loan that is max 80 ltv.

Please give me a call or email.

Josh Marks
773.303.0033
Jmarks@wintrustmortgage.com
JoshMarksMortgage.com
0 votes
Rebecca Kall…, Agent, Gilbert, AZ
Mon Apr 22, 2013
Hey Kurt, how are you doing?

To answer your question... Yes! I can help you!
I work with an AMAZING lender.

Feel free to give me a call today to further discuss your needs!
480-275-9566

I look forward to hearing from you soon!
0 votes
BParker, CPA*, , Scottsdale, AZ
Wed Apr 17, 2013
Hi Kurt:

Sorry it took a while to get back to you; some family emergency issues the past few days...

I do have a lender which seems to meet your needs: Will do standard loan-to-values for "non-delinquent short-sales", which means to 85% for them. Would need to get credit score up to 720, but that should not be a problem as you are now at 717. Everything else sounds doable.

Give me a call or send me an email and we can look at all the details to assure there are no issues once we do "turn over every stone". :)

Bill Parker, Loan Officer
AZ Lic# 09011570
NMLS #223607
CPA--Licensed, no longer practicing

GenCor Mortgage Inc.
15730 N. 83rd Way, Suite 103
Scottsdale, AZ 85260
(O) 480-525-8496, EXT 743; (M) 602-565-3646; (F) 480-436-5226
EM: BParker@GenCorMortgage.com
Website: http://www.GenCorMortgage.com
LinkedIn: http://www.linkedin.com/in/billparkercpa



MISSION STATEMENT: To create an unbelievably enjoyable experience for my clients, while guiding them through the most important financial transactions of their personal lives. My clients know me as their Mortgage Lender for Life. I truly appreciate your referrals.

If you think it's expensive to hire a professional to do the job, wait until you hire an amateur.
Red Adair, Oil well firefighter
0 votes
Jeffrey Masi…, Agent, Scottsdale, AZ
Mon Apr 15, 2013
Dear Kurt:

Yes, for some lenders that may be able to help you with a jumbo loan: http://www.arizonahomesland.com/arizonamortgageloans.html

Don't rule out "seller may carry" homes with interim financing if you have the down payment: http://link.flexmls.com/ub7k1q5dnm5,12

Feel free to call me with questions.

Jeffrey Masich, Realtor, GRI, MBA
HomeSmart
Arizona homes and land for purchase or sale
http://ArizonaHomesLand.com
JeffMasich@ArizonaHomesLand.com
480-556-0940
0 votes
Liza Asbury, Agent, Phoenix, AZ
Mon Apr 15, 2013
Kurt,
Give Glen Nielsen a call, his cell is 602.369.1520. He's available to discuss your options. I've already told him about you.

Good luck!
0 votes
Kurt K, Home Buyer, Winnetka, IL
Mon Apr 15, 2013
Sorry....lacked some detail. Looking for a home in the 750k range, but need to be in 10-15% down range...which seems to be a major challenge. All ratios, etc. are fine. Trying to turn over every stone as our lease is up in June and after four years we would like to own again.
0 votes
Scott Godzyk, Agent, Manchester, NH
Mon Apr 15, 2013
Meet with a local and trusted loan officer who can pre-qualify you at not cost and let you know what is available to you after looking at your credit and financial's. It depends how they reported your short sale and what your credit reads.
0 votes
Greg Corbett, Agent, Phoenix, AZ
Mon Apr 15, 2013
The short sale should not make a difference as long as you were never late. What matters will be the purchase price, amount down/loan to value & your documented income on your tax returns. Credit score is important as well but sounds like you are good. After that, there are several lenders to choose from. My first thoughts though would be, have you already contacted another lender who could not give you a jumbo loan? What drove you to ask the question? It's hard to guide you in the best direction without a few more details.
0 votes
BParker, CPA*, , Scottsdale, AZ
Sun Apr 14, 2013
Hi Kurt:

Jumbo loans are different than Conforming loans on how they treat short sales. I will be glad to look at our Jumbo lenders tomorrow and give you concrete information on what is available.

What purchase price and loan amounts are you considering (so I will know what Loan-to-Value to research)?

Bill.
0 votes
Jennie Miller…, Agent, Phoenix, AZ
Sun Apr 14, 2013
Have you spoken with a lender about this yet? I have a lender that my clients have used in the past and been happy with the outcome.
0 votes
Dave Schuster, Agent, Scottsdale, AZ
Sun Apr 14, 2013
Yes, you have options as long as you were current throughout the short sale process. There are lenders that will lend, however you will need 20% down. If you need a lender referral I'm happy to help with that
Can't act me at 602-717-0796.
0 votes
Vivien L Big…, Agent, Scottsdale, AZ
Sun Apr 14, 2013
Hello Kurt,

Peoples Mortgage Company has a unique program that will allow a Buyer to purchase a home 1 day out of Short Sale, Foreclosure and Bankruptcy. Minimum FICO score of 600, 25% down and at least 6 months reserves. Primary Residence Only! This is not a Hard Money Loan! Contact Janet Torrez @ 480-570-3814

Hope this helps and make sure to let her know i referred you!

Have a GREAT day!
0 votes
Liza Asbury, Agent, Phoenix, AZ
Sun Apr 14, 2013
Hi Kurt,
Call Glen Nielsen, 602.369.1520. He's excellent and would be happy to assist you!

Liza Asbury
Realtor | Realty ONE Group
http://www.arizonahousehunting.com
0 votes
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