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Jumbo loan wait time after chapter7 or sort sale in California?

by steves269 from , California. May 7th 2015 Reply


Drew Hernandez (DrewHernandez)
#975 ranked lender in California - 24 contributions

An elapsed period of 12 months may be acceptable for an FHA-insured mortgage for a Ch 7 BK, if the borrower can show that the bankruptcy was caused by extenuating circumstances beyond his/her control, and has since exhibited a documented ability to manage his/her financial affairsin a responsible manner.A borrower who was current at the time of the short sale is considered eligible for a new FHA-insured mortgage if, from the date of loan application for the new mortgage, all mortgage payments on the prior mortgage were made within the month due for the 12-month period preceding the short sale, and installment debt payments for the same time period were also made within the month due.A borrower who was in default on his/her mortgage at the time of the short sale (or preforeclosuresale) is not eligible for a new FHA-insured mortgage for threeyears from the date of the pre-foreclosure sale.

May 7th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,924 contributions

More info would be needed.. Jumbo financing is not a "Conforming" loan product.. in other words.. there is not a standardized set of rules for lending.. each lender offering Jumbo will have their own rules.. Typically, if you have a short sale, you will need to wait 7 years.. if you had a BK and there was NO home involved.. then 5 to 7 years.. For conforming financing, the mandatory waiting periods are different depending on which loan product you go with.. So, for FHA, it's 2 years for BK7, 3 years for a short sale.. For Conventional it's 4 years for both short sale and BK.. also understand that certain parts of CA are considered a "High Cost" Area, and they allow for larger loan amounts for both FHA and conventional.. so if you would like to know specifically what you can do, then the best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. 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 WilliamAcres.com

May 8th 2015
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