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 The 7 year requirement is a common misconception relating to out of date terms of the past.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.
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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,
Thanks for the opportunity to assist you,
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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.
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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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