If I purchase a home using va @ it forclosed' @ va sold it can i purchase another house using va the foreclosure happen about 20yrs ago

Asked by Carrie Johnson, Fontana, CA Sat Sep 8, 2012

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Sun Sep 9, 2012
Hi Carrie,

Yes you can as long as you have enough entitlement left under the 2nd tier or bonus entitlement.

For example: Let's say you used $20,000 of your entitlement on the home that foreclosed 20 years ago. You would have $84,250 in entitlement left as long as the home you're buying is over $144,000.00. If you're buying a new home under $144, 000, you would only have $16,000 worth of entitlement.

Here's how it works. Every veteran's basic entitlement is $36,000 which is enough to meet the VA required 25% coverage up to $144,000. $144,000 X 25% = $36,000.00. If you're buying a home for $417,000 your entitlement would be $104,250 or 25% of $417,000.

Take your total entitlement of $104,250 and subtract what you've already used and you get your remaining entitlement amount.

Please feel free to contact me for more information or help. You can also find info on my VA Mortgage website by clicking the link below.

John Burke
Senior Mortgage Banker
ENG Lending
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Craig Chasta…, Agent, Rancho Cucamonga, CA
Sat Sep 8, 2012
Hello Carrie,

How long ago was the foreclosure? To find the ultimate answer you would have to contact VA and request a dd-214 and ask for eligibility.

If you have any further questions please feel free to give me a call.

Craig Chastain
Next Level Realty
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