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Post-foreclosure, do I have to wait 7 years to obtain a JUMBO loan?

Credit score is 740, and I am able to make a 30% down payment. The foreclosure is not reported on my credit report. What options do I have to get a new loan for 660k?

by grey.torin852 from Hermosa Beach, California. Aug 28th 2015 Reply


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

More info would be needed, but in general, most jumbo lenders will not do a loan if you have a foreclosure in the last 7 years.. On the application, you have to answer disclosure questions honestly... and one of the questions is regarding a foreclosure in the past 7 years.. if you say no, yet you know you've had one, then if the lender finds out (and they probably will), then it's considered loan fraud (not good). There are portfolio lenders out there that might consider you with 30% down.. Also, since Hermosa Beach CA is in LA County, the FHA loan limits are at $687,580. No need for jumbo.. FHA has several different programs that allow you to purchase either after 3 years, or after 1 year depending on your scenario. 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 NMLS# 226347

Aug 28th 2015
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Hans Bruhner (Hans Bruhner)
#129 ranked lender in California - 116 contributions

Wow. William's answer is spot on as usual. I am a California mortgage banker/broker and I can help you with an FHA loan after 3 years like he said or 1 year with extenuating circumstances (usually a job loss of 6 months or more). I am at (866) 385-1650 or at www.AskTheLoanMan.com

Aug 28th 2015
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Dan Paladin (dpaladin)
#1 ranked lender in California - 589 contributions

There is a questionaire regarding foreclosure on the application that must answered honestly to avoid any fraud issues. With that being said....the max limit for FHA or conventional high balance in LA County is $625,500 for a single family home. I do have programs that allow for a purchase with this scenario and a shorter timeline than 7 yrs or 3 yrs. Though being a jumbo loan those two timelines are irrelevant as those are for Fannie/Freddie or FHA...I would need more info regarding your FC to better advise so feel free to contact me toll free at 877-369-4319 or 562-254-5616. Regards

Aug 28th 2015
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