Home Buying in 95823>Question Details

Pkline4, Home Buyer in Philadelphia, PA

What is start date after a FHA foreclosure to apply for a VA home loan it's a three year wait to apply?

Asked by Pkline4, Philadelphia, PA Sat Jan 12, 2013

for VA loan but what date do I use on credit report

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10
Jeff Marr’s answer
For a foreclosure, the start date is based on the recorded date HUD took the property back, the form is called a Trustee Deed Upon Sale (or Trustee's Sale)....

It's possible you only need 2 years from your foreclosure date to secure a new VA loan, though many lenders have overlays that require 3 years...

Let me know if you still need some assistance with your VA loan!

best, Jeff M
1 vote Thank Flag Link Sun Aug 4, 2013
What if the FHA Trustee Deed Upon Sale was recorded way after the foreclosure date, how can you get proof of FHA Trustee Deed Upon Sale actual date so a lender can do a VA loan?
Flag Tue Jan 13, 2015
It's possible you only need 2 years from your foreclosure date to secure a new VA loan, though many lenders have overlays that require 3 years...

Most lenders have a policy to wait a full 2 years after foreclosure before they will underwrite a VA Loan. According to the VA Underwriting guidelines, an applicant can be approved between 1-2 years after foreclosure if they meet two different criteria: 1) Acceptable credit history after bankruptcy/foreclosure and 2) The bankruptcy/foreclosure event was beyond the applicants control

Certificate of Eligibility & VA Loan Requirements - http://vastreamlinemortgage.net/online-resources-for-va-loans/
2 votes Thank Flag Link Wed May 6, 2015
The VA guidelines state 2 years, but don’t assume that means all will be well in two years. The VA guidelines stat that this is the MINIMUM time period, so late important to have the rest of the application file look as impressive as possible.

i would also highly recommend using a local lender. In this market the issue is finding a home, and the timeframes are tight to complete your transaction. Using a local lender is my preference to have your team (realtor, lender, etc.) synchronized to close on time without issue.

I'm not sure when your foreclosure was, but time has a way of going by pretty quickly. Before long, you'll be back searching for a home. Good luck!

One of the most consistently confusing situations for prospective homebuyers and lenders alike involves the thorny issues surrounding bankruptcy, foreclosure and the status of your mortgage.

Distressed homeowners may file for bankruptcy protection. Some want to keep their houses, others seek to have their mortgage debt discharged in the bankruptcy. Sometimes months or even years later the house is foreclosed upon. That’s a lot of serious financial consideration swirling around, and each puzzle piece can have a significant impact on your ability to secure a VA home loan.

Let’s take a closer look at having a mortgage discharged in a bankruptcy and what that can mean for VA loan prequalification.
> http://valoanguidelines.org/
1 vote Thank Flag Link Fri May 15, 2015
Hello Pkline4, it is two years so you may qualify currently. I am a Veteran and love assisting Veterans as well.

If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve you can be emailed listings to fit your search criteria. Your email address is needed to set you up for the automatic daily updates.

You will need to be pre-approved to be able to meet an agent to view and submit offers on any homes of your choice. Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, home price, loan program and how much you want to invest into the down payment and closing costs.

It only takes a few dozen questions to qualify, go over your options and email you listings to study and compare. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary. Here are some links to study as well as web reference links to many loan program pages offered...

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran & VA/CalVet Loan Specialist
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http://www.trulia.com/profile/SherylArndt

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0 votes Thank Flag Link Wed May 6, 2015
It's good to see buyers with recent foreclosure able to buy again. See Comstock if you have a buyer in need.
0 votes Thank Flag Link Fri Apr 11, 2014
CFS Mortgage, http://www.cfsflex.com, has a flexible loan program. They allow a mortgage after a foreclosure, short sale, or chapter 7 bankruptcy. There is only a six month waiting period. This is perfect for individuals looking to become homeowners again.
0 votes Thank Flag Link Sun Aug 4, 2013
The VA guidelines state 2 years, but don’t assume that means all will be well in two years. The VA guidelines stat that this is the MINIMUM time period, so it’s important to have the rest of the application file look as impressive as possible.
0 votes Thank Flag Link Thu Aug 1, 2013
I had a client who wanted to buy a home in Arizona, but he had a foreclosure. After researching the web I found a loan program at http://www.cfsflex.com, they allow a mortgage after a foreclosure. There is no waiting period. Good to see lending options coming back.
0 votes Thank Flag Link Thu Apr 18, 2013
third vote...Two years wait. Pull the actual date of recording for when the clock started.

i would also highly recommend using a local lender. In this market the issue is finding a home, and the timeframes are tight to complete your transaction. Using a local lender is my preference to have your team (realtor, lender, etc.) synchronized to close on time without issue.

I'm not sure when your foreclosure was, but time has a way of going by pretty quickly. Before long, you'll be back searching for a home. Good luck!
0 votes Thank Flag Link Mon Jan 14, 2013
With VA you must wait two years.
The wait date for all waiting periods are from the day title transferred back to lender.
0 votes Thank Flag Link Sat Jan 12, 2013
I was wondering that because I did research on VA web site and called the VA who deals with Pennsylvania and the VA told me 2yrs nothing on what kind of a loan whether FHA,conventional,VA etc.that we were foreclosed upon ,but Veterans United the number one VA home loan experts are telling me 3 years on FHA foreclosure to wait for a VA home loan is that their criteria or the VA
Flag Sun Jan 13, 2013
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