Trevizonsunn…, Home Buyer in

our home went under forecloser in 2009 when for a loan modification and the people w were working with lost our home. My husband & I have stable

Asked by Trevizonsunnyaz%40yahoo.com, Mon Sep 3, 2012

jobs make $75 a yr when can we purchase a home again what is the waiting period? We also had a VA loan on our home can we still use that again?

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Answers

4
Hello Trevizonsunnyaz,

I am responding to your post from 2012. I was wondering were you able to purchase yet?

Lisa Buirse,REALTOR
(623) 687-0747
0 votes Thank Flag Link Fri May 23, 2014
Unfortunately, it's been my understanding for several years now that when you foreclose on a VA loan, you lose that privilege forever. Some of the lenders on this forum can clarify that (or correct me if I'm wrong).

You might be able to qualify at the three year anniversary of your foreclosure, but it would likely be a large down payment with a higher interest rate. It's also possible that you'll need to wait another 1-2 years before obtaining a new mortgage.

Feel free to email or call me and I'll put you in touch with a couple of lenders that can answer that question for you.

Thanks!

Jim Mitchell
Realty ONE Group
Cell: 480.231.6769
Jim@TheAZRealtor.com
0 votes Thank Flag Link Mon Sep 3, 2012
Hi Jim & Trevizon,

Just need to contact VA to see what entitlement is left or available. I have the link if you need it.

Gary Cappy Capozzoli
Senior Loan Officer
Nova Home Loans
8888 E Raintree Dr. Suite 20
Scottsdale, AZ 85260
NMLS 207725
602-421-4300
BK 0902429
http://www.loansbycappy.com
Flag Mon Sep 9, 2013
Hi Jim,
John is correct just need to check with VA and see what your entitlement is. FHA requires 3.5% down current 3 years after foreclosure. Conventional is 3 years with acceptable extenuating circumstances.

Gary Cappy Capozzoli
Senior Loan Officer
Nova Home Loans
8888 E Raintree Dr. Suite 20
Scottsdale, AZ 85260
NMLS 207725
602-421-4300
BK 0902429
http://www.loansbycappy.com
Flag Mon Sep 9, 2013
There are many programs out there and you are not alone. Like everyone else says you will need to talk to a lender and they will be able to tell you what you need to do to get in to a program. You may be able to use your VA, then again you may not, but FHA still has low down payment programs for people that have experienced foreclosure. It is going to depend what the rest of your credit looks like. Contact me if you need to speak to a lender that is experienced with VA, FHA and credit restoration.

Otherwise Good luck!
0 votes Thank Flag Link Mon Sep 3, 2012
The best thing we could do would be to connect you with a great lender that understands credit, credit restoration etc really well and make a plan for you to be a buyer as soon as possible.

You are OK with the time frame for some programs, hence back to the first paragraph.

Lets have a sit down discussion with the right lender and plan for your future!
0 votes Thank Flag Link Mon Sep 3, 2012
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