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Chapter 7 Bankruptcy, can I still get a Jumbo loan?

I need a 80/10/10 loan for a home priced at $590,000. My credit score is in the 660-680 range. by gregoryryan6582 from Bend, Oregon. Jul 2nd 2015 Reply

William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,726 contributions

Typically, most jumbo lenders will not finance you unless you're 7 years past your BK.. same goes for a short sale or foreclosure. Also, if you find a jumbo lender will finance you in less than 7 years, expect the down payment requirement to be much higher.. however, there is a way to make it happen if you're 4 years out of a BK.. you can use conforming max loan of $417K, put 10% down, and then do a 2nd HELOC for the remaining $114K. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714

Jul 2nd 2015
Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,246 contributions

An easier financing package would be to put the 10% downpayment, get a 2nd for $114,000 and then borrow $417,000 on the first mortgage. However, as William pointed out, ability to get either mortgage will depend on when your bk was discharged. Otherwise, FHA is the best option but not for a house in that price range, or possibly some type of private or alternative financing where the rate and fees would likely be higher.

Jul 3rd 2015
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