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Can I get another VA loan if I foreclosed on the last one?

I've recovered my credit for the most part by SCarter from Winchester, Virginia. Jan 11th 2013 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

Yes.. However, the amount of your entitlement will be lower, which in turn will lower how much of a home you can purchase. If you want to restore your benefits to 100%, then assuming the VA had a loss as a result of your foreclosure, you would have to pay back that loss to VA. If 3 years has passed, then you can qualify for FHA with 3.5% down and you won't have to pay VA anything.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Jan 11th 2013
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Mark Simon (mark.simon)
#10 ranked lender in Delaware - 83 contributions

Yes. We are based near you and are active with Virginia and providing service on VA loans. Give me a call today or over the weekend and we can pin this down with the rate and terms. Mark 302-449-7373

Jan 11th 2013
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Steven Ceceri (CreativeFinancingOptionsGroup)
#36 ranked lender in Massachusetts - 723 contributions

More specifics are needed, such as the Date of the Foreclosure, your current Credit Score, the reason behind the foreclosure, etc. The more details you can provide, the better the information will be. I'd be happy to work with you directly (offline) so let me know if I can be of help. I work for a Federally Chartered Bank and can originate loans Nationwide as a Direct Lender! Good Luck!

Jan 11th 2013
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Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

Short answer is yes. But more information is needed for a more inclusive answer.

Jan 11th 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,970 contributions

The quick answer is YES... There will be a waiting period, and you may have reduced VA entitlement. Sit down with a local non-bank licensed Loan Officer experienced in VA loans for a personal review. www.VA-IRRRL-Refinance-MN.com

Jan 11th 2013
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Kevin Prince (KevinPrince)
#67 ranked lender in Pennsylvania - 26 contributions

Yes you can but you will have to jump through some hoops. You can check out VAHomeLoanCenters.org for more information on the qualifications on your VA eligility as a resource! Happy New Year....Kevin Prince, SVP, Liberty One Appraisal Leadership, kprince@liberty1amc.com, 858-926-8904

Jan 11th 2013
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Andrew Alfonso (CashCow)
#43 ranked lender in Florida - 271 contributions

Yes you can. Time is the key. Andrew

Jan 11th 2013
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

Yes, But like the others have said it's not as easy as just saying yes. There are too many factors involved. Call one of LOCAL lenders that have responded and they can better access your situation.

Jan 11th 2013
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,240 contributions

Most likely but more information will be needed to give you an answer for your situation.

Jan 11th 2013
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Todd Tholl (toddtholl@leader1.com)
#4 ranked lender in Iowa - 239 contributions

yes but the specifics will depend on how long ago the FC was filed.

Jan 11th 2013
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Phil Georgiades (phil@fedhomeloan.org)
#994 ranked lender in California - 18 contributions

Lots of incorrect info here. Yes you can get another VA loans and you do not need to pay back the losses. The $0 amount you may borrow will be reduced because your entitlement has also been reduced. However, if the loan amount is large enough, you can use tier 2 entitlement. Be sure that your lender is an expert in VA loans. Most lenders and loan officers do not understand the program.

Apr 24th 2014
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