Profile picture for aggiesoldier

VA Loan-Short Sale

Ok here's the deal. I took out a VA loan for a home when I moved to CO Springs. My husband hasnt been able to find a full time good paying job so we are hurting on paying our bills. We havnt missed any payments on our mortgage though. We got a agent and his idea was to put it on short sale...BUT we want to buy a cheaper house after we sell this one. I keep reading that i cant do another VA loan for another 2 years after a short sale...but my agent is telling me that isnt right and that I can get one as soon as the sale is complete. What do i dO?
  • November 17 2011 - US
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Answers (3)

Let me suggest you talk with a mortgage lender. They are the ones who specialize in assisting you with getting a home mortgage loan. They will know what is allowed. Even though your Realtor may know what you can do and can't do, they don't specialize on the loan process. The laws are changing every day and you need to get with a lender so they can tell you what the impact will be in a short sale and what you might be able to do in purchasing another home. Get with a trusted lender to get the correct information and the most up to date requirements. Thanks
  • November 17 2011
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I agree with the other agent's post - check the source - your trusted direct lender.   I have never heard of any borrower being able to buy a home immediately after a short or foreclosure but stranger things have definitely happened.   Good luck no matter how it shakes out.   And, thank you for your service to our country.   You are appreciated and I hope your husband finds a job very soon.
  • November 18 2011
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Profile picture for user3520233
The best thing to do would be to call the VA and not take a Real Estate Agents word for it. Some are very knowledgable, but (unfortunately) some are not and will do anything to get your business! 
  • September 10 2013
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