Home Buying in 95823>Question Details

Jamalmalik, Home Buyer in 95823

can i qualify for a cal vet va loan even after a foreclosure on my record for a non VA loan?

Asked by Jamalmalik, 95823 Tue May 17, 2011

http://www.cdva.ca.gov/CalVetLoans/Default.aspx
i searched that site and could not find the answer.

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Answers

4
I had a client who wanted to buy a home in Arizona, but he had a foreclosure. After researching the web I found a loan program at http://www.cfsflex.com, they allow a mortgage after a foreclosure. There is no waiting period. Good to see lending options coming back.
0 votes Thank Flag Link Sun Apr 21, 2013
All three agents below gave wonderful answers. Your next step is to speak with a lending professional skilled in VA loans to give you a solid answer for your particular situation. They could also give you a game plan if you needed help with credit repair, etc. Need a referral? I'd be happy to help. :)
Web Reference: http://www.MorganLarson.com
0 votes Thank Flag Link Wed May 18, 2011
Jamalmalik,
To my understanding YES! After 2 years from actual foreclosure date with no derogatory marks or comments on your credit report for 1 full year prior to home purchase. I closed a VA last summer which closed 2 yrs and 5 days from the foreclosure date. I have a client that had a foreclosure and divorce, while in escrow a collections came up from years ago that was not been noted or overlooked on divorce documents, he has to now wait 1 full year before they will do a loan. He is in process of trying to remove from his credit report.

Please check with your local lender for update to this matter.

I can refer a lender that can assist you with your concern. Feel free to contact me directly.
psmith@kw.com
0 votes Thank Flag Link Tue May 17, 2011
CalVet loans use VA guidelines to qualify. How long ago did the foreclosure happen? 2 years is how long VA requires, unless it was due to an extenuating circumstance (i.e. medical) and then just 1 year is possible. Both situations at least 12 months re-established credit is required.

If you want some reading on the CalVet loan, go to http://www.cdva.ca.gov/CalVetLoans/mbmanual.pdf (42 pages)
0 votes Thank Flag Link Tue May 17, 2011
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