Profile picture for DougInglis

Can I get a VA Refinance for 15 yr fixed, as a Disabled Vet?

We had a Foreclosure of our previous primary residence on 8-15-2011 and a 680 Credit score as a result.  Zillow shows home value at $509K and we owe $480K now. 
  • September 06 2013 - Fayetteville
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Answers (8)

Best Answer

Is the current loan you would like to refinance a VA loan?

  • September 06 2013
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If you are wondering about obtaining a VA mortgage loan after a foreclosure you are not alone. With some restrictions, the VA will allow
current and past military personnel to obtain a new VA mortgage after a
foreclosure. Veterans are elgible for a VA loan after 2 full years after their
foreclosure. After this time veterans are allowed to apply for a loan again.  If would like more specific information please let me know or you can click on my profile.
  • October 17 2013
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Shouldn't be an issue.  I am just up the road from you if you would like to connect contact me through my profile.  I have closed a lot worse.

Andrew
  • September 07 2013
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If the current loan is a VA you likely have some options to explore, send me a message if you would like to discuss.

  • September 06 2013
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Profile picture for DougInglis

Foreclosure was Conventional with Home Equity Second (both PNC and PNC Home Equity).  Primary had accepted Short Sale but second did not(stating only full payment would be acceptable given our higher than average income, after being brought two separate offers from mortgage qualified buyers.  Lawyer recommended to take it off the market and let it go into Foreclosure.  Unfortunate is an understatement.  We had bought our current house with my VA benefit prior to selling the eventual foreclosure.  We have no other bad or slow pay debt, and have a better than average salary.  My wife still carries a Med School Student loan ($120K) and we have a $20K loan against her 401k. Other than our ARM VA Mortgage, no other debt.  Our joint income for the past several years has been about $310K/yr.   

  • September 06 2013
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Profile picture for GMerino

You may try to find a bank/lender that is willing to refinance you with a VA home loan and who will have an overlay being okay with a foreclosure. In most cases many will not be okay with a foreclosure going VA.

  • September 06 2013
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There a program that you fits your situation, as long as you have the income to support the new mortgage. Please reach out to a lender like myself and we will be able to guide you through the process.
  • September 06 2013
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The only way to really know if to speak with a mortgage broker in the area. I use Caliber Funding quite a bit in Virginia. Usually once you get outside 2 years you can get into another loan fairly easily. What's the rate on the current mortgage?
  • September 06 2013
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