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Can I refinance with a foreclosure 3-4 years ago?

I had a foreclosure and a short sale on my two investment properties 3-4 years ago. Now I hope I can refinance my primary home that has a value of $1.3M and a loan amount of $1M. I have stable income of >$220k per year and good credit history over the last 3 years. My credit score is probably around 690 currently. My current rate is 5%, and I hope I can lower it to by cahomeowner from San Ramon, California. Apr 27th 2013 Reply


Carlos Figueira (carlosfigueira)
#108 ranked lender in New Jersey - 198 contributions

Max loan amount would be $975,000 @ the value stated, the issue is your current credit score as we require 720 (most lenders that do not have the foreclosure overlay will require the same). We need to work on the credit score increase, once that is done you should be fine. Send me an e-mail if you want to discuss further: carlos@keypointmtg.com

Apr 27th 2013
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 8,000 contributions

Since Jumbo loans are a "Non-Conforming" type loan product, then there are no set rules.... each lender offering jumbo financing can make up their own rules and guidelines... that being said, most don't like short sales and foreclosures... and 690 is a low score, so expect some difficulty finding a lender willing to do your scenario.. if you only had one foreclosure/short-sale, then you might find someone, but with multiple major derogatory and low credit score, it's not going to be easy.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Apr 29th 2013
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

On the conventional side you can at the 4yr mark, with the loan amount size lenders may have their own risk overlays that will want either a longer time frame after the BK or a Higher Fico with at least a 700. On an FHA loan there is only a 2 year waiting period but then you will be limited on loan amount size for your county. It is a very doable loan but you'll just need to find a lender that will be able to meet your parameters with the Fico being the biggest hurdle for you. If you are told No with one lender then look for another and DEFINITELY talk to a Lender411 Loan Officer.

Apr 27th 2013
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Ken Burrows (mortgagesforamerica)
#20 ranked lender in Nevada - 572 contributions

I have some programs that can go to 60-70% loan to value depending on cash reserves and overall picture. If you think you can make that work give me a call on Monday: P: 888-320-7888 - ken@mortgagesforamerica.org - Ken Burrows

Apr 27th 2013
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Raymond Denton (Raymond)
#12 ranked lender in Ohio - 224 contributions

1 million requires a Jumbo program, and those interest rates are usually a little higher then conforming, and you'll be able to check them out when your last foreclosure has 4 years of seasoning. But the Lenders will probably require a higher FICO score, probably at least 720.

Apr 27th 2013
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

Your current jumbo loan at 5% is at historic lows. You may need to improve your credit score to lower the rate.

Apr 27th 2013
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Thank you all for the answers so far! Just in case that in near future one of you have a program that can handle my situation and lower the rate noticeably from 5%, please replay here so I can contact you. I had a good credit history before the economic crisis. Now I'm back on track and my home value is recovering quickly. A smart loan officer should draw a conclusion that my risk profile is low.

Apr 27th 2013
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Raymond Denton (Raymond)
#12 ranked lender in Ohio - 224 contributions

It doesn't matter how smart the Loan Officer is ... what matters is how the Investors view your risk profile - and they're real tough right now.

Apr 27th 2013
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,225 contributions

I agree, it isn't the loan officer or necesarily the lender involved, it is the standards set by the investor/lender to minimize their risk. Your credit score of 690 is pretty low for a jumbo loan so you need to work on improving it. I have a blog on this site that makes some recommendations, often it is the balance on your credit cards that is bringing the score down

Apr 27th 2013
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James Mazzola (Mazzola)
#110 ranked lender in New Jersey - 313 contributions

Foreclosures are very bad.

Apr 28th 2013
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Peter Botros (PeterBotros)
#72 ranked lender in New York - 895 contributions

work on improving your FICO score

Apr 28th 2013
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Steven Cook (stcookmortgage@gmail.com)
#39 ranked lender in Washington - 256 contributions

Just finished reviewing such a situation here in Washington. There is possibility of doing this size loan with a 690/700 credit score, as long as the appraisal comes in so the LTV is at 80% or less. We have offices in California, and I will see what I can do about getting one of our licensed mortgage officers to contact you through this process.

Apr 28th 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,553 contributions

Are loans are harder to get today - especially jumbo loans. Your foreclosure and 690 credit score will present challenges. Contact a local mortgage broker in your area for more assistance.

Apr 29th 2013
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Michael Patterson (MichaelPatterson)
#53 ranked lender in Washington - 71 contributions

I get asked this same question at least once per day. I get asked so often that I wrote a blog post with a cheat sheet chart that I refer back to daily. Link: http://landhomenw.com/when-can-i-get-a-mortgage-after-a-foreclosure-short-sale-or-bankruptcy.htm It's important to get the full picture on the scenario too. Many times there are other issues like BK's or shortsales, etc... That chart is really for FHA, Conventional, VA and USDA... Jumbo loans may have a different set of guidelines, as they are considered to be "portfolio" loans and not always subject to regular conventional guidelines. Each jumbo loan investor has different requirements. Some follow the conventional guidelines and others have what we call "guideline overlays". Some require minimum FICO scores of 700+ or 720 FICO for instance. ARM guidelines may also differ from Fixed loan guidelines. Getting lower than 5% on your rate would probably require looking at a Jumbo ARM.

Apr 29th 2013
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While getting general answers are still useful, what I really need is a specific agent who can help me to get my specific refinancing done. So can you or can someone you can refer me to find a program that solves my issue? Thanks a lot!

May 2nd 2013
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Michael Patterson (MichaelPatterson)
#53 ranked lender in Washington - 71 contributions

We have a branch office in San Ramon and I know the Branch Mgr personally. Good guy and should be able to advise you on specifics. Joseph Trippy, Branch Mgr Phone: (925) 678-1193 Email: jtrippy@lhfinancial.com NMLS#: 263712 CA-DOC:CA-DOC263712 (Goes by Joe) Direct website: https://www.lhfinancial.com/branch/5145/?Page=Agent

May 2nd 2013
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James Mazzola (Mazzola)
#110 ranked lender in New Jersey - 313 contributions

I might be able to help you. I need to see your complete financial picture.Please send me the following information for all borrowers:1.1 Month of current pay stub's2.2 Year W-2 Income Statements3.2 Year 1040 Federal Tax Returns4.2 Year Business Tax Returns5.3 Months of current Bank Statements6.Copy of Drivers Licenses Please forward them to:James Mazzola8 Matthew AvenueKendall Park, NJ 08824jmazzola@sunnm.com or cornoil@comcast.netIf you have any questions, please do not hesitate to contact me:(O) 973-805-4107(C) 732-501-4249(F) 732-951-0629Thank you,James Mazzola

May 2nd 2013
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Steven Cook (stcookmortgage@gmail.com)
#39 ranked lender in Washington - 256 contributions

You could also contact my associate: Paul Stella NMLS# 241504 Phone: 415-857-56262410 Camino Ramon, Ste. 255San Ramon, CA 94583

May 2nd 2013
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Stacey Nielsen (Unitywestlending)
#884 ranked lender in California - 123 contributions

Just two reasons why I am confident we are the right Lender for you! We are unique in that we have multiple banks, investors, and lenders that we shop your particular scenario with to offer you the lowest rate and closing cost options, and no cost loans as well. We pick up the lowest rate and program possible and extend that to you whether we are the lender or we chose to use one of our wholesale lenders or investors, we place your loan where you benefit the most. Rates are incredibly low right now and we can lock and approve your loan within 24 hours. Secondly, Unity West Lending has a 5 year rate protection program which enables you to take advantage of a lower rate if they should come down after you close a loan with us, for no cost not even an appraisal. Many of our clients have already taken advantage of this great program up to 3-4 times within the last 4 years. Please, take these benefits into consideration for your own peace of mind. I have some extremely talented Veteran Loan Officers here to assist you whenever you have about 5 minutes to simply call in for today's rates or get started on your loan by filling out an application on our web-site. Also, you have the option of calling me and I would be happy to connect you with one of our Veteran Loan Officers available for you Monday through Friday from 8am - 6pm. Give us a try, we want you to succeed in achieving your financial goals and we would be honored to help you with that! 714-881-5970

May 20th 2013
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