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My wife and I had a home repossesion 4 years ago, can we get a VA mortgage?

We had the repo take place while we were waiting on the short sale answer from Chase Mortgage.  We did receive money from the Chase settlement with the government but we still have it on our credit record.  There is absolutely no other blemish on mine or my wife's credit.  I am a retired 65 year old Army veteran and I still work for the Federal Emergency Management Agency and my wife works for in the HR department for the Harris County School Board, GA.  Can we qualify for a VA home loan or any other type?  
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January 20 - Columbus
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April 07
While there are several variables, I would say the easy answer to your question is yes, you can qualify for a new loan.

We can close VA loans 1 year outside of a foreclosure and there's a good chance you can qualify for bonus eligibility.

Your best bet would be to get in touch with an aggressive VA lender and see about getting pre-approved.

Best of luck to you in your house search.
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January 25
So many variables. If the house you foreclosed on had a VA loan attached to it, then you will not get another VA loan until VA has been made whole. If you have a high enough credit score, then you can get a conventional loan with 20% down one year out from the date your deed transferred from previous foreclosure. There are also NON PRIME lenders out there now who will take care of you one day out of foreclosure, but you will need to put 20% down and your rates will be close to 10%. Many potential options, but need to know more:

1. Assets/down payment 2. credit score 3. income
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January 25
I am in your area and just called our preferred lender to ask him this question.....He said typically 3 years out from the foreclosure and you should be fine...Please contact me and I will get you in touch with Steve Lake at Primary Residential here in Columbus.  I am here if you need me.  Thank You!
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January 24
I have also had it happen with clients who forclosed with previous VA loans not being eligable for a new VA as a result.  It is correct that depending on when the new owner of your previous house took deed per the sale, is the date to go off of, regarding how far out you are from the foreclosure date you are today. So if you have those two items in line, 2 yrs our from the time the old house was actual sold and recorded and if you are eligable for VA if that was not the type of loan you had when you foreclosed I would say VA is a strong option for a new loan.  Otherwise FHA with 3.5% down might work for you if VA doesnt and you are 2 yrs out from that forclosure. Would be happy to look into a loan for you.

Regards,
Brynn
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January 24
I agree with Anthony.  If the loan that was foreclosed was a VA loan, you may possibly never qualify for it again. I have had that happen three times with clients.  Two were deployed at the time and only one so far has received his eligibility back. 

Good luck, 
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January 23
Was this mortgage that was foreclosed a VA loan?  If it was, your "entitlement" may not be available any more.  Contact VA to find out    http://benefits.va.gov/HOMELOANS/contact.asp.  If you do not have your entitlement you will not be able to obtain a VA loan until your entitlement is restored.  If this is the case, ask VA how it gets restored (this will require you to pay something).  If you do still have your entitlement, go to the find a pro section here, pick 2 or 3 local lenders, ask them to get you preapproved.  Pick the one you feel most comfortable with and will meet you in person.  Outside of a VA loan, you should be able to obtain a loan with a 4 year old foreclosure behind you as long as you have a solid credit history after.  Probably will have to go with FHA though (more fees), but you could get it done.  Good Luck!
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January 20
Lenders will have you wait two full years after your foreclosure. After that, your credit history is scrutinized to assess the ability to repay a potential loan. A borrower like yourself with a history of foreclosure has a greater chance of securing a VA loan if the foreclosure was due to circumstances beyond his immediate control, such as unexpected job loss or medical bills. Since it was four years ago, you should be good to go with getting another mortgage. The best thing for you to do is to speak with a lender such as myself to see if you can get started on financing a new home. If you have any further questions or if you would like a loan, feel free to contact me.

Good Luck!
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January 20
Hello rkmk10,

In the event of a foreclosure the VA requires a two year waiting history before being eligible.  The tricky part is that the two year "timer" begins later than you'd think.  Rather than going off the date the foreclosure was "executed," or however one might phrase it, the clock starts ticking once the property has been recorded to the next owner.  In order to get a true sense of how long you'll need to wait, try to find a copy of the deed that was recorded with the sale of your previous home following the foreclosure. 

If you have any additional questions or would like further clarification, please contact me through my Zillow Profile as I rarely check back on advice posts. 

Hope this helps! 


Thanks,
Aaron
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January 20
 
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My wife and I had a home repossesion 4 years ago, can we get a VA mortgage?
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