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Non QM mortgage after a foreclosure

Boboknight
New Member

Non QM mortgage after a foreclosure

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).

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1 REPLY 1
ToofDoc
Contributor

Re: Non QM mortgage after a foreclosure

Depends on the individual non-QM lender's criteria really. I spoke to many and they all have their own requirements. With your stats, you should be able to get a non-QM loan.

 

Be prepared to pay 5-7% and heavy front load origination loan fees (2+ points). These non-QM portfolio lenders are blood suckers 

 

We bankruptcy or foreclosed applicants gotta pay to play now unfortunately.

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