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I was told by one lender today that you must wait 4 years to apply for a VA loan after a short sale.

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February 28 2013 - Sun City Summerlin
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Answers (3)

well, 2 years sounds better than 4 years, but this is why unqualified people should refrain from lending advice.

so, what does the VA say?

The VA says to follow the same requirements as for a BK, and that is....

"If a borrower or spouse has been discharged in bankruptcy within the past 12 months, it will not generally be possible to determine that the borrower or spouse is a satisfactory credit risk".

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March 01 2013
From our Nolf Group lender:
"Yes, that is correct, but it also depends on your credit after the Foreclosure/Short Sale. Some borrowers have re-established their credit scores and built a consistent payment history during the waiting period. They may qualify for a VA mortgage in as little as two years."
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March 01 2013
You actually have to wait only 2 years.
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February 28 2013
 
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I was told by one lender today that you must wait 4 years to apply for a VA loan after a short sale.
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