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Question on acquiring a new home mortgage after a forced Short Sale

After retiring from Active Duty (Air Force), I was forced to "short sale" my home due to a job relocation.  My short sale only effected the "2nd" on my home and the primary mortgage (VA) was paid in full.

I have waited the 2 year period (as of August) and now I am looking to acquire a new home loan for the purchase of my primary residence.  I would prefer a VA loan due to having no or very limited down payment monies available.

Is there any chance on getting a new home loan?  If so, would I be able to attain a pre-qual letter stating something to the affect that come "X" date, I would be approved for "X" amount of money?

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July 12 2010 - Hobe Sound
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If your mortgage payments were all madeon time before you entered into the short-sale, then you should have no problem purchasing another home. But, if you were late paying because the value was down and you knew that it would eventually have to be a short-sale, then quite possibly it is showing up on your credit report as a forclosure. If that is the case, then you will have to wait 3 years before being able to purchase.
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July 12 2010
In this day and age there are two ways to go.  Find a linder that works with veterans in your area as a focus and with a good payment record they may work with you.  Otherwise a family or friend loan to be in second position so you can have at least 20% down and a good payment history. 

Many vets find favor over the rest of the buyers out there if they are a good risk and can prove income.

My best to you and thank you for serving!

Jack Wadsworth
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July 12 2010
You should be ok.  Even if you were late on your payments, VA only requires 2 years form a foreclosure, and you did not have one.  So since you paid your previous VA in full, you should be able to recive the green light for the purchase of a new home with a VA loan.

No you should check your credit to make sure the 2nd is still not showing a balance due.  I have seen this on recent credit reports and it can cause a problem since some have been reported as collections.  With the large balances, the underwriter will request the collection to be paid.

So find a qualified VA loan officer to review your scenario and pull your credit to make sure you are good to go.
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July 12 2010
Providing you made your payments on time and have no other dings on your credit, then you should probably have little problem obtaining another loan. I do believe the wait period was 3 years, not 2 though.
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July 12 2010
Lee,

You should be fine and as you probably know it is a great time to be buying as interest rates have dropped in 12 of the past 13 weeks are at all time lows. The Hobe Sound market has been moving along quite nicely with steady sales and some great opportunities. I know the market like the back of my hand so if you need any help with anything relating to your search including a lender recommendation, please do not hesitate to contact me.

Thank you for your service to our country and if I can be of any service to you just let me know.
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July 13 2010
You may qualify for a VA loan after 2 years, unless you already have a VA loan restrictions. You can also go for FHA right away if you have no late dues.
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September 01 2013
Yes you should be good as long as you kept up with all other obligations. You fall into a category called Boomerang Buyers... there are many programs out there for you and I have helped a couple just like you recently. So it can be done!

Good luck on your search.
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December 24 2013
 
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