Can I use my VA loan if I had a foreclosure?
Can I use my VA loan if I had a foreclosure?
VA Loans also allow Veterans and active military to bounce back faster after a bankruptcy, foreclosure or short sale. You can be eligible for a VA Loan two years after a Chapter 7 bankruptcy discharge; one year after filing a Chapter 13 bankruptcy; and two years following a foreclosure.
What happens if I can’t pay my VA home loan?
What should I do if I’m having trouble paying my mortgage? If you’re having difficulty making your mortgage payment, contact your loan servicer right away. If you’re nervous about contacting your servicer, or if you’d like our help and advice, please contact a VA loan technician at
Is a VA home loan a federally backed loan?
In short, FHA mortgages are federally insured mortgages designed to help qualified borrowers buy a home with less money down and lower credit. VA mortgages are government insured mortgages for active or veteran military service members and their spouses.
What is the VA mortgage relief program?
This relief is available to anyone who has a federally-backed mortgage, regardless of delinquency status. Under the CARES Act, borrowers are entitled to request an initial forbearance of their monthly mortgage payments for up to 180 days, and may request up to an additional 180 days. be paid back over time.
Why do sellers not like VA loans?
VA loans come with red tape, appraisal delays and fees borne by sellers instead of buyers — all reasons offers are being rejected, agents say. In addition, real estate agents and veterans say, some sellers reject offers because of misconceptions about the VA program.
How hard is it to qualify for a VA loan?
If you’re eligible, VA loans are fairly easy to qualify for, since there’s no down payment required, no minimum credit scores, and no maximum limit on how much you can borrow relative to income.
What credit score do I need for VA loan?
between 580 and 620
How long does it take to get a VA loan approved?
Most VA loans close in 40 to 50 days, which is standard for the mortgage industry regardless of the type of financing. In fact, dig into the numbers a bit and you don’t find much difference between VA and conventional loans.
What disqualifies a home for a VA loan?
VA loan home requirements include: Clean, continuous water supply with sanitary facilities. Free of lead-based paint. Free of wood destroying insects, fungus and dry rot. Safe and sanitary sewage disposal.
Can you be denied a VA loan?
VA lenders make money by approving loans, not denying them so they’ll do what they can to get your approval. When they can’t, they’ll send what is called an Adverse Action notice. This is an official form and required by law to provide you with a written explanation of why your loan was not approved.
Why did my credit score drop if I paid off my balance?
Credit utilization — the portion of your credit limits that you are currently using — is a significant factor in credit scores. It is one reason your credit score could drop a little after you pay off debt, particularly if you close the account.
What do the 3 C’s of credit mean?
Capital and Capacity
