Getting A VA Loan Is Possible After Short Sale And 1 Year

New relaxed federal HUD requirements are making it possible for those homeowners who have a short sale, bankruptcy, or foreclosure, to get a VA loan as soon as 1 year after the occurrence. Continue reading →

Oct 11, 2013 /prREACH/ -- The Federal Housing Administration loan program announced that home buyers can get a VA loan after 12 months from short sale, foreclosure, or bankruptcy. Rob Chomentowski, a Senior Loan Officer with Affinity Financial, and author of San Diego Mortgage Blog and So Cal VA Loans, is pleased to share this news with people who are looking to get a VA loan. Under FHA’s Back to Work Program, FHA is relaxing some requirements in getting a VA loan after the borrower has had a short sale. The waiting period is typically 2 years but there are some cases where veterans do not have to wait that long. Veterans will need to show proof of income and have good credit along with re-confirming eligibility. Under FHA’s Back to Work Program, FHA is relaxing some requirements in getting a VA loan after the borrower has had a short sale. The waiting period is typically 2 years but there are some cases where veterans do not have to wait that long. Many people are anxious to get back into the housing market since prices have started to climb. Another FHA requirement is that the new property must not be similar or superior and within a realistic commuting distance. VA loan guidelines state that the borrower does not need a down payment or the mortgage insurance typically needed by other loans. The property must also be a primary residence. To find out more information on getting a VA loan after a short sale, foreclosure, or bankruptcy, contact Rob at 888-242-1724, or contact him at [email protected]. Rob has been assisting Californians obtain mortgages and refinance for over 10 years. His specialty is VA loans and FHA loans.