Financing in Hollister>Question Details

Chap, Home Buyer in Hollister, CA

I believe I am still eligable for a v.a. loan. I short sold a house last year and have been told i need to wait 3yrs before i can purchase with v.a.

Asked by Chap, Hollister, CA Fri Aug 5, 2011

1st home was with v.a. loan. Sold it and bought another without v.a. that house was short sold last year. i would like to use the v.a. again to purchase another house but I was told I would have to wait three years. I would like to know if there is any hope of getting into something sooner?

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9
Hi Chap,

I am glad to see another veteran here in Hollister. Why not stop by my office across the parking lot from San Benito (now San Barbara) Bank. I have done VA Automatic loans, in this area, since 1973. I know have to make them go.

If you did not use your home as a "ATM" machine (pulling out equity often) you will be able to buy a home again 3 years from the conclusion of your short sale. If you pulled out equity several times you may have to wait 5 years.

Let's get your Full Eligibility reinstated and get you set up for your VA benefits. I just need your DD214(s) and previous home's address.

I look forward to helping you - especially for your service to our great country. Thanks.

Mike Walters, CA-DOC 280219
Senior Loan Officer
Community West Mortgage
831/630-3717
Web Reference: http://CaHomes411.com
1 vote Thank Flag Link Fri Aug 5, 2011
Hello Again Chap,

I'm amused by some of the answers(below) to your tough question. There are two seperate concerns: a short sale; and restoration of your VA. It is one thing for VA, themselves, to say they would guarantee a VA loan. It is a significantly different event to find a lender who will make a loan "a day after" a short sale or, for that matter, anything less than 3 years from the conclusion of the short sale. Government National Mortgage Corp. (GNMA) buys pools of loans which have to fit their criterion. If your circumstances don't fit the LENDERS current mind-set it does not matter what the VA will or won't do. You wont find a lender who will make such a loan because they won't have a place to sell it in the current market place.

Of course things might and probably will change. This is the reality right now.

If I had a $1 for every veteran who tried going with X,Y, or Z lender for their VA and ended up in my office frustrated with unfulfilled commitments, I'd be rich. Be VERY careful with who you listen too regarding your VA benefits. There are very few actual VA Loan experts.

Why not stop by my Hollister office and let's get a time-line in place for your full restoration of your Entitlement and a plan for buying your next home?

Mike Walters
831/630-3717 - cell/text
Mike@CaHomes411.com - e-mail
Web Reference: http://www.CaHomes411.com
0 votes Thank Flag Link Tue Aug 9, 2011
For non-VA short sales, there are no written instruction, to speak of, however; we must determine if the veteran is a satisfactory credit risk, that is, if you were payment being made on time prior to the short sale or if you were not. - that is actually verbatim from VA's Regional Loan Center in Phoenix sent to me back in April.

If you were on time with your payments, and you aren't trying to take advantage of declining market conditions, then you likely would be fine 1 day afterwards to buy with VA financing.

If you were not on time with the payments, then depending on the severity of the mortgage late payments and the reason behind them (relocating, medical situation, felt like going on vacation instead of paying the mortgage, etc.) it could still be as little as 1 day afterwards, to 1 year afterwards, up to 2 years afterwards (since VA only requires 2 years after a foreclosure).

FHA financing is the loan program that requires 3 years after a short sale in some situations - you can read FHA's guideline on it at http://www.fhaoutreach.gov/FHAHandbook/prod/infomap.asp?addr… however soon that website's information is relocating to hud.gov so the link probably won't be valid for long.

Shane Milne | Loan Officer in Orange County, CA | NMLS #81195
Direct local #'s: 949-273-4161 or 646-257-4842
Lending in all 50 states, all types of mortgages
0 votes Thank Flag Link Tue Aug 9, 2011
Chap,
Hello Ray and Peggy Pierce here, after talking with our VA lender we need more questions answered before we could completely answer your question.
Much would depend on your payment history and or if you didn't make payments this is critical today. Many are short saling their houses without missing payments for all the right reasons (or true hardships) it is possible you could qualify. The house you shorted was not a VA but another. VA are contract of sale and the foreclosure process is not the same but the effect on your credit rating could be. Depending on the payments you missed.
Call us we will hook you up with our local VA lender, she has done this of the 22 years or so and has a lot of experience. rayandpeggy . com
0 votes Thank Flag Link Fri Aug 5, 2011
Just to clarify, the answer below are incorrect! Your waiting period for a VA Loan is NOT 3 years but 2 years. Real Estate Agents shouldn't answer questions unless that know the facts. The facts are a short sale is considered the same as a foreclosure in the eyes of the VA unless you had extenuating circumstances like a death in the immediate family or forced relocation due job transfer. I have a special government program (other than VA or FHA) that will allow you to purchase as soon as you close your escrow providing you were not delinquent. With this program, if you were late on your mortgage, you only need to wait one year after a short sale. Please feel free to contact me if you are interest in learning more. For more detailed information, you can ready my article on the subject.

http://www.trulia.com/blog/george_raymondo/2011/04/can_i_buy…

Best of Luck!
Web Reference: http://www.AFN-Loans.com
0 votes Thank Flag Link Fri Aug 5, 2011
Just to clarify, you should be able to obtain a certificate of eligibility but not qualify for the mortgage itself due to your short sale (which is considered a "preforeclosure" settled for less than agreed) Keep checking back as rules change but changes in rules while you're waiting could also increase the time you have to wait.
0 votes Thank Flag Link Fri Aug 5, 2011
Hi Chap,

Sorry to hear about your short-sale. Your waiting period is 3 years from the sale date of your short-sale.

Here's a list of time-frames for Short Sales, Foreclosures & Bankruptcies:

http://www.trulia.com/blog/roswell_moore_cmps/2011/01/how_lo…

All the best,
Ros

Roswell Moore, CMPS
Certified Mortgage Planner
480-422-5095 direct
http://www.ezAZloan.com

We are a Direct Lender, Mortgage Bank where we originate, process, underwrite and fund, in-house, FHA (w/a 580 score), 203k, VA, USDA, Jumbo, Conventional, loans to Canadians, Australians & other Foreign Nationals, on time.
0 votes Thank Flag Link Fri Aug 5, 2011
My experience with VA has been 4 years, provided that you have been reinstated for further benefits and paid any CAIVRS claim they may have filed. Easiest thing to do is ask a Lender where you can call and check on a CAIVRS claim and to contact VA about restoration of VA certificate.

Jack Gillis, M.B.A., J.D.
Jack Gillis Realty Advisors
Nathan Grace Real Estate, Broker
5619 Dyer Street | Suite 100
Dallas, TX 75206
Cell: 214.718.4910
Email: Jack@JackGillisRealty.com
0 votes Thank Flag Link Fri Aug 5, 2011
3 years if you don't diligently work to improve your credit. I've seen some finance cars (at higher rates, but its a small cost for improved credit), pay off debt, and get their credit back to purchase within 15-18 months. Improve your FICO and your history, and before you know it, you'll be back in a house in no time.
0 votes Thank Flag Link Fri Aug 5, 2011
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