New programs have recently come out allowing for people to qualify for a super jumbo loan after foreclosure at an affordable cost. If you had a foreclosure, short sale or bankruptcy, you may now be able to qualify to get a super jumbo loan.
Super jumbo loans are considered loans greater than $500,000 or $625,000 depending upon where you live. Super jumbo loans can go up to $10,000,000 and even $20,000,000. Towards the end of 2007, many of the loose lending guidelines on super jumbo mortgages disappeared and super jumbo loans became difficult to get. Most super jumbo loans require very high credit scores above 720. However, there are new programs coming out and the most recent one that we have discovered is very exciting.
Here are some of the guidelines on super jumbo loans after foreclosure or short sale.
- 660 minimum credit score
- $10,000,000 Maximum super jumbo loan available after foreclosure or short sale
- No seasoning on foreclosure or short sale. Even 1 day after is ok.
- 2nd home and investment property programs available with lower LTV’s
- 80% Maximum LTV
- Cash out and rate & term refinances available
- Close in 30 days or less
- No point loans available
- Vesting in an Entity is available
- 5/1 7/1 & 10/1 ARMS amortized over 30 years
- Interest only option available on the 5/1 ARM at 60% LTV
- APR’s start in the low 4% range. Call for a rate quote
- Must qualify on provable income with tax returns.
- Must have cash reserves after closing