va loan after short sale
we had a short sale with the banks approval, the loan was not VA, however we did qualify for the miltary short sale program. Our credit is very good and we never had any other issues with other properties we had, we have been homeowners for more than 20 years. My husband has since retired 25 years in the Marines. We now wish to make a new purchase on a home in TX. we would like to get a VA loan for this purchase, since have our certification in full. Can we? by peacemercedes765 from , California. Aug 28th 2013
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
VA guidelines state that there is a two-year waiting period after a short-sale. The date is based on the day the home is no longer in your name. VA further states that there is NO waiting period IF you had NO late payments on any mortgage or consumer debts within the 12 months proceeding the short-sale AND the the short-sale was NOT a strategic short-sale. With that said, VA doesn't do loans, lenders to loans. Many lenders will NOT do less than two-years regardless of your situation. In MN and WI, visit www.VA-IRRRL-Loan-MN.com for VA loan assistance.
Ernesto Marez (Ernesto)
#68 ranked lender in Maryland - 137 contributions
The waiting period for getting a VA loan after a short sale for most lenders is 2 years. That said, for some VA lenders, the waiting period after a short sale can be as little as one month under the right circumstances. If you have not missed any mortgage payments prior to the final short sale and you have a required scorese, there is a chance that you could get an automated underwriting approval and get a VA loan. Work with a loan officer who is a VA loan expert if you are in this situation. If you have late payments prior to the short sale, expect most lenders to tell you that you are going to have to wait 2 years and have no late payments on any credit account in the last 12 months prior to applying for a VA loan.Ernesto Marezemarez@thefederalsavingsbank.com
Samantha Taylor (samantha)
#368 ranked lender in California - 29 contributions
How long has it been since your previous property was short sold? If around 2 years have passed since the short sale and if you do not owe any money on it, then you can get a VA loan for buying a new property. However, your husband will have to meet all the other required lending criteria for the VA loans in order to get the funds.
Steffnie Parsons (Steffnie)
#14 ranked lender in Oklahoma - 61 contributions
Two years is the magic number unless you had no late payments with the short sale and then my lender guidelines say you are ok. The VA has a set of basic guidelines to go by, although the VA does not do lending, the lenders have what is called "overlaying guidelines".
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