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Can I get a $550k mortgage in Boca Raton, FL

Will I be able to obtain a mortgage with a 620 credit score, 15% down with mortgage amount of $550k Shortsale in March 2012 for rental property, mortgage for primary residence since July 2010 & never late. Debt to income ratio under 42%, salary & bonus around $200-220k per year. Part of down payment will be from sale of primary residence Will have all credit cards paid off in next 3-4 months so DTI will be even lower. Zip code for mortgage is 33428
  • May 29 - Boca Raton
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Answers (8)

You are very close to being able to get a loan with us. We have a portfolio "2nd Chance" program that will allow the short-sale (no minimum wait) as long as theirs only one. The other requirements are a 660 minimum mid FICO (although we can go to 620 with an exception) and 20% down-payment + 6 months reserves. Your credit score may come up quite a bit after your cards are paid down or off. The loan amount is virtually unlimited so you won't have that issue like you would with FHA or conventional. Check out my recent reviews on my profile from closing this loan. Good luck!
  • June 11
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Hello,

  I am a lender in Boca Raton and I offer a 90% Jumbo product.  The problem that would arise is the borrower can not have a bankruptcy, short sale or foreclosure in the last 7 years.   We also need a minimum of 680 credit score for the 90% JUMBO product.

  You should not have a problem with conventional financing as long as your short sale didn't involve late payments prior to the sale.

  Please message me if I can help.  I may not always have the best answer but I will always be upfront and honest.

Thanks

Ryan
  • June 11
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Robert: Would it be best to wait until I'm 3-years post shortsale? If anything, I could probably build up more of a down payment. Also, any chance to get an FHA loan on a property in this range or is conventional the best way to go?
  • May 31
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Any loan with less than 20% requires mortgage insurance and there is not MI companies for JUMBO loans. You usually have to split the loans up and do an 80/10 combo or something of that nature. The main thing is the short sale. Most people will run from you because of this. Reach out to me via email and I will see if I can get one of my banker's to approve you. But I can tell you now they will want AT LEAST 20% down.

  • May 30
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You might be able to, but it would be best to speak with a lender directly as every situation is different.  I have a great set of lenders that I work with.  Let me know if you need a recommendation.
  • May 29
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Best advise is to contact a local mortgage broker or credit union to review your situation. Before you go home hunting need to get a pre approval letter, how much mortgage you qualify for, property tax, insurance and hoa fees.
  • May 29
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Would bumping up the down payment to 20% make that much difference? I also have 6 months of reserves in a retirement account... does that help?
  • May 29
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Jumbo financing will be tough. The short sale is going to hurt you bad. Unless you put 20% down I don't see it happening. You might get a bank to portfolio the loan but you will have to transfer some assets. Maybe a local bank or credit union as the bigger banks won't be as likely to stick their necks out.
  • May 29
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