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Previous property (VA) was foreclosed on in June 2014, are we going to be able to get a new loan using VA?

by michael998 from Maple View, New York. Apr 25th 2016 Reply


Lorne Harvey (lorneharvey)
#80 ranked lender in Washington - 431 contributions

The VA has a 2 year wait period from the date the completed foreclosure. So you are close to that. You can most likely get a new loan started with a local mortgage loan originator, and close after the 2 year wait period is up. Your lender can help you work with any restoration of benefits if needed. I think you are good to apply and see about working through this.

Apr 25th 2016
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Nikitas Kouimanis (MrMortgage)
#7 ranked lender in New York - 117 contributions

2 years from the discharge date of your previous foreclosure you are eligible to reapply again for the new VA mortgage.

Apr 25th 2016
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,930 contributions

When you have a major negative event like a foreclosure, you have a minimum waiting period (I call it the penalty box) before you can get a new loan. The waiting period is based on the NEW loan you are trying to get. The VA waiting period is just two-years, BUT if the previous foreclosure was a VA, you will NOT get a new VA loan if the VA actually paid out a loss to your old lender. The only way to get a new VA loan with a loss on an old VA loan is to pay back the loss on the old VA loan. For VA loans in MN, WI, or SD, visit me at www.VA-IRRRL-LOAN-MN.com

Apr 26th 2016
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,722 contributions

More info needed, but in general, there is a 2 year waiting period for VA, but lenders might make you wait up to 3 years, but there's also going to be an issue with your VA entitlement.. Typically, you can purchase using VA up to $417K with zero down.. if your foreclosed VA loan was a $300K loan, then you would only be able to use VA for a $117K Loan($417K-$300K=$117K).. The purchase price can be greater than $117K in this scenario, it's just that you have to put 25% down for every dollar above $117K. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Apr 26th 2016
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