If you do a short sale or deed in lieu of a house purchased with a VA loan, will you still be able to qualify

Asked by Vmiddleton, Cincinnati, OH Mon May 11, 2009

for a another VA loan?

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George Kinin…, , Stockton, CA
Mon May 11, 2009
Since the VA guarantees your loan and pays the down payment, if the VA loses money on the home you short-sale you will lose your VA entitlement until the VA is repaid. VA loans aren't FICO driven, except at Wells Fargo with a 620 minimum, if you have derogatory credit, this will also preclude you from your future benefit.
1 vote
Dana Schuster, Agent, Slidell, LA
Mon May 11, 2009
For any type of financing:

After a short sale--2 years

A deed in lieu with extenuating cirsumstances--2-7 yrs.

A deed in lieu of foreclosure--4-7 years

Foreclosrue--5-7 yrs.
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