Subprime Loans for Borrowers with Foreclosures, Short Sales and Bankruptcies

Subprime loans are those loans that are not fit to be sold in the secondary market and do not follow Freddie Mac, Fannie Mae or Ginnie Mae guidelines. Usual loan denials due to foreclosures, short sales, and bankruptcies seasonings are no longer an issue. Below are some of our programs.

  • Non-Prime Program: Mortgage Loan Solution for Foreclosures, Short Sales, Bankruptcies and Low Credit Scores 

1 day out of foreclosure, short sale, bankruptcy or deed-in-lieu
Loans up to $1 million
Credit scores down to 500
Up to 90% LTV
DTI up to 50% considered
Owner-occupied, 2nd homes, and investment properties
Non-warrantable condos considered
Jumbo loans down to 500 score
5/1 ARM or 30-year fixed
No pre-payment penalty for owner-occ and 2nd homes
No active tradelines OK with housing history
SFRs, townhomes, condos, 2-4 units
Seller concessions to 6% (2% for investment)

  • Mortgage Loan Solution for Foreclosures, Short Sales, Bankruptcies and 1-Year Tax Return

2 years seasoning for foreclosure, short sale, bankruptcy or deed-in-lieu
Loans up to $3 million
Credit scores down to 600
Up to 90% LTV with no Mortgage Insurance
100% gift funds allowed
DTI up to 50% considered
Owner-occupied, 2nd homes, and investment properties
Non-warrantable condos considered
Jumbo loans down to 600 score
5/1 ARM or 30-year fixed
No pre-payment penalty for owner-occ and 2nd homes
Asset depletion available – option to qualify with assets instead of income
SFRs, townhomes, condos, 2-4 units
Seller concessions to 6% (2% for investment)
1-year tax return program available

 

For more information please contact Bluecastle Lending at 954-866-0000 or info@bluecastlelending.com