Is so difficult to get a VA loan,if we did a foreclosure 2 years ago? we like a short sale house($100K) and we have saving 20% of its cost.

Asked by Adrian, Joliet, IL Tue Jun 12, 2012

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Patrick Fields’ answer
Patrick Fiel…, Agent, Plano, TX
Tue Jun 12, 2012
Hi Adrian,

Suzanne Hamilton is correct with regard to the 3 year minimum wait period prior to eligibility for a VA/FHA mortgage loan from the date of the foreclosure assuming your credit has improved overall. The 7 year requirement is a common misconception relating to out of date terms of the past.

Of course, other requirements must be met. Don't be shy about talking to a trusted mortgage lender. It will cost you nothing and they don't need to check your credit to discuss your possible eligibility.
0 votes
Janet Nation,…, Agent, Baldwin, NY
Tue Jun 12, 2012
It's going to be difficult to get a mortgage period if you did a foreclosure only two years ago, the waiting period is typically 7 years.
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Gene Mundt, Mortgage Broker Or Lender, New Lenox, IL
Tue Jun 12, 2012
Adrian: The answer to your question lies in the circumstances of the foreclosure and the current status of your credit and employment histories. Especially with the ability to put 20% down, it improves your chances. To answer your question more in detail or in specifics, I would need to have further info ... as any lender would. It would be best if we talked in more depth. Please ... feel free to contact me. I am a mortgage lender with 35 years of experience and have an office location in Joliet, as well. All my contact info can be found on my website, http://www.genemundt.com.
Thanks for the opportunity to assist you,
Gene
Web Reference:  http://www.genemundt.com
0 votes
Suzanne Hami…, Agent, Orland Park, IL
Tue Jun 12, 2012
For a VA loan, you need a credit score of over 640. I have been told that if you are looking for an FHA or VA loan, you need 3 years since the court date of the foreclosure. 2 years is often enough time from a short sale, but you need at least 3 for a foreclosure. VA is no money down. Conventional loans could be 5-7 years until you can purchase after foreclosure.

My advice is to talk to a lender and map out a plan to purchase, if not now, for next year.
0 votes
Laurie Chris…, Agent, Oak Park, IL
Tue Jun 12, 2012
If you've got a foreclosure on your record, it will likely take 7 years for you to qualify for a new loan. I'm happy to recommend a lender if you'd like to see what options you may have.
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