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Can you get a recission on a recently closed VA loan?

I thought I would ask, since I don't know what my options are nor did ;I know about the 3-business day rule following the closing. Thanks by eftighe984 from Bowie, Maryland. 5 days ago Reply


Robert Garagusi (rgaragusi@bancstarmortgage.com)
#84 ranked lender in Maryland - 3 contributions

When did you close? Was it a refinance or a purchase loan?

5 days ago
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Scott Kinne (Skinne)
#1 ranked lender in Virginia - 68 contributions

You will not have a Rescission period on a Purchase transaction, so it was probably a Refinance I'm sure. In that case all Primary Residence refinances will have a 3 day Rescission period to protect the owner from signing papers and then allowing them 3 days to change their mind and cancel the transaction. You can sometimes WAIVE your right to the rescission period but you usually need to show a financial hardship to have that approved, and approval these days is fairly slim. I hope this answers your question. If not call me. Scott Kinne -VP -First Heritage Mortgage -NMLS# 182351 - 571-237-6141. I am licensed in VA, MD, DC, and WV.

5 days ago
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,044 contributions

More info needed, but in general.. the loan does not close until all recession periods have expired.. Purchase transactions have a 3 day waiting period from the time the Closing Disclosure is signed.. from that date, you have to wait 3 days before signing the final paperwork... this is the same for refinance transactions.. For "Cash out" refinance transactions, they will not fund/close the loan until 3 days AFTER you sign the final closing paperwork (total 6 days, 3 before signing, and 3 after). The only exceptions to the 3 day rule is if you are buying/refinancing an investment property.. But again, the lender would not have closed the loan until all mandatory waiting periods have expired. Once the loan is funded and recorded, you have no recourse unless you can prove the lender did something fraudulently.. I'm a preferred Lender with California and Arizona being my primary markets. 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 NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

4 days ago
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