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Impact of Short Sale

Did a short sale on an investment property about 18 months ago. FICO is back to 700 at this point.  Will I have trouble getting a VA loan?
  • September 28 2013 - US
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Answers (2)

I am not sure about VA, but I have a client that recently applied for a FHA loan a year after her short sale. She was told that she cannot re-apply for 3 years after the official closing date of the short sale. VA regulations stipulate a two year waiting period following the short sale before a borrower can be considered for a new VA mortgage. You can try and find a lender that will overlook the stipulation, other than that, I would suggest to wait 6 more months. 
  • September 28 2013
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FHA/VA loans requires a FICo) 640+. Your VA allowence depends on the years you served in the military; your lender will find this in your records. After 18 months of a short sale, Freddie Mac may offer you a loan, talk to a local lender for more details. Recently FHA offers a loan as fast as a year after a short sale if precvious loan was an FHA as well. Dear boomerang buyer ( buyer come-back after short sale or foreclosure), if you are interested in Orange County California, I will be more than happy to get the details for you.
  • September 28 2013
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