Foreclosure in Bakersfield>Question Details

Jim Flitcraft, Home Buyer in Bakersfield, CA

I'm a war time vet with a deed in lieu of foreclosure and Chapter 7 discharged bankruptcy 2 years ago. Qualify for a cal-vet loan?

Asked by Jim Flitcraft, Bakersfield, CA Sun Jan 9, 2011

Since my foreclosure and 7bankruptcy I've paid all bills on time. I've heard that VA and possibly Cal-Vet loan leigibility has changed as of Jan. 01, 11. Wanting to buy an owner occupied 4 plex. Thanks for your help, Jim

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5
Bob Movin-On’s answer
VA loans, if your previous mortgage that was foreclosure on was not a VA loan, require a waiting period of 2 years. The last one we did the applicant had to wait longer because during that time they did not develop a history with 3 lines of credit (i.e. credit cards, auto loans, etc.) and until they had that 2 years of history they would not qualify (this is fairly typical with all mortgages now).

Bob Patrick
Buy a home after foreclosure expert
Movin-On LLC
Helping families.people that have lost their homes get back into a new one in as little as 6 months
0 votes Thank Flag Link Tue Jan 11, 2011
There is a site that will help you determine if you can qualify for a refinance after short sale, foreclosure, or filing bankruptcy. Check out http://www.whywaitbuytoday.com
0 votes Thank Flag Link Sat Aug 10, 2013
Much will depend on your current finances, debt, etc., therefore consider visiting with any qualified loan officer(s), after reviewing your overall financial information, he/she can make a determination on qualification--then go from there....if you don't yet qualify, your loan officer may offer great suggestions as to what needs to be done in order to qualify in the very near future....
0 votes Thank Flag Link Sun Jan 9, 2011
Oh, sorry Jim, I re-read and see that you said 2 years ago. It will be tough. Again, call him and see what he suggests for you.
0 votes Thank Flag Link Sun Jan 9, 2011
How long ago was the foreclosure and bankruptcy Jim? You need to speak with a loan loan officer to be sure. Try my guy - Robert Kurugian - 661-823-8383. (Academy Mortgage)
No obligation, let him check it out for you.

Luck to you!

Tesa Noonan 661-717-3394
Coldwell Banker Best Realty
0 votes Thank Flag Link Sun Jan 9, 2011
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