I had a rental condo foreclosed on a year ago. It had been my primary residence but moved out, found a renter, it became trashed, and I walked away from it. I ended up netting approximately $80,000 from the foreclosure sale, as it sold at auction for much more than the mortgage balance.
Between the proceeds of the sale, and other savings, I have about $110,000 in that could go to a down payment. My credit score is 715, and I have no debts listed on my credit reports other than 3 credit cards with $1 outstanding on each (I pay them off daily).
What are my chances of qualifying for a non-QM mortgage so soon after a foreclosure....and how much higher interest rate should I expect to pay if I qualify for one. FWIW, I'm looking in the 300K range (33% down) and make $9,167 per month ($110,000 per year).
