This loan program allows the borrower to purchase a house that in foreclosure

This is a non-agency portfolio loan program.

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This loan program is designed to help home buyers purchase a foreclosure

This is not a hard money loan

Must be a bank owned foreclosure

Manually underwritten

Max financing is 75% LTV/CLTV (Loan To Value/Combined Loan To Value)

Jumbo loan amounts up to $900,000

Appraisal must be ordered through a HVCC compliant appraisal portal

No closing costs or no point loans available on this program

Mechanics lien coverage required

Current residence must be sold at or before closing on the foreclosure property

Full home inspection is required

SFR - Single family properties only

Turn time service levels

Credit approvals: 24 hours 

Underwriting review: 3-5 days 

Appraisal review: 1-2 additional days 

Additional conditions: 1-2 additional days

Closing docs: 24-48 hours

 

 

Reference #124usb5524