If you had to go through a foreclosure in the past few years there is some great news.  You only have to wait two years to apply for a VA home loan after your prior foreclosure.  They key is to look up the exact date the property deed transferred out of you name on the prior foreclosure, it is from this date that you have to wait two years.  Give us a call at 858-922-7899 or email at homeloan8@gmail.com if you would like us to research the date the property deed transferred out of your name on the foreclosure.

You want to also make sure you do not have any major derogatory credit items on your credit after the foreclosure occurred.    Excessive late payments, collections, charge-offs, etc… after a foreclosure show the underwriter that you have not learned to manage your debt after the foreclosure.   It can help to get your VA loan credit score as high as you can post foreclosure.  It is amazing how fast it can rebound.

It also helps to have some money saved in the bank as cash reserves to qualify for a VA loan after a foreclosure.  This shows the VA loan underwriter that you have a cushion should a job loss or illness occur.

So feel free to give us a call at 858-922-7899 or email at homeloan8@gmail.com if you have any questions or would like to be approved for a VA loan in California.

Best Regards,

Rob Chomentowski

858-922-7899, homeloan8@gmail.com

Sr. Loan Officer (and VA specialist)

 

 

 

 

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