Is Wells yanking my chain?

[Anonymous]

I short sold 2 years ago and have been looking recently. The first two brokers I talked to told me 5 years minimum wait time on a jumbo. Wells told me 2 years wait, no problem with a letter and 25-30% down.

Edit: I'm looking in California at $800-$1M with $200k-$300k down.

Can Wells really make this happen?

[Lemmus]

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@Anonymous wrote:

I short sold 2 years ago and have been looking recently. The first two brokers I talked to told me 5 years minimum wait time on a jumbo. Wells told me 2 years wait, no problem with a letter and 25-30% down.

I'm looking in California at $800-$1M with $2k-$3k down.

Can Wells really make this happen?

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...something wrong with those numbers, eh 

[StartingOver10]

$800k @ 25% is a down payment of $200,000.  Is that what you meant? You have $200k to $300k to put down?

[Anonymous]

StartingOver looked surprised and asked-

"You have $200k to $300k to put down???"

LMAO.

[StartingOver10]

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@Anonymous wrote:

StartingOver looked surprised and asked-

"You have $200k to $300k to put down???"

LMAO.

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lol, I was surprised about the $2k to $3k and a jumbo loan!

[Anonymous]

LOL... it was late. Edited to correct my original post. I have $200 - $300k down.

[ezdriver]

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@Anonymous wrote:

I short sold 2 years ago and have been looking recently. The first two brokers I talked to told me 5 years minimum wait time on a jumbo. Wells told me 2 years wait, no problem with a letter and 25-30% down.

Edit: I'm looking in California at $800-$1M with $200k-$300k down.

Can Wells really make this happen?

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I'd say yes, because I talk to a rep from a local credit union here in Northeast Florida and they are doing portfolio loans 1 year post short sale with a 20% down payment. Wells Fargo certainly have the ability to write portfolio loans.

[StartingOver10]

Check JP Morgan Chase too - they have a good jumbo program. I trust them more than Wells for actually closing the deal. The critical part is your down payment - after a short sale you have to have an absolute minimum of 20% down to get it done 2 yrs from the deed transfer to the buyer in a short sale.

[Anonymous]

My credit has been shot since the short-sale... How much do the scores impact this calculus? My Wells agent was telling me he could get 3.875 but he seemed to be hedging when I asked where my score needed to be for underwriting. 

[StartingOver10]

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@Anonymous wrote:

My credit has been shot since the short-sale... How much do the scores impact this calculus? My Wells agent was telling me he could get 3.875 but he seemed to be hedging when I asked where my score needed to be for underwriting. 

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Are you referencing your score only or have you had late pays and other derogs on your CR since the short sale. It makes a difference.

Your score takes a huge hit due to the SS. But if you have no other derogs, then you can explain it (LOE to the u/w) and you won't have an issue. Additonal down payment cures most derogs. However, if there is a pattern of other lates after the SS, that is an issue from what I have seen.