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VA Foreclosure

Getting a VA Loan After a Foreclosure

A foreclosure can be a heavy weight to bear for any Veteran with a VA loan. It can take awhile for the reality of it to sink in, but its effect on your credit is immediate. Foreclosures come with many losses – the loss of your home and a mark on your credit score that serves as a seven-year reminder to future lenders that you previously defaulted on a loan.

VA Loan Wait Period After Foreclosure

Many lenders do not allow the borrower from obtaining a VA mortgage for at least two years. After two years, the applicant’s credit history is continually measured to assess the applicant’s ability to repay the loan. Usually, if the foreclosure was due to circumstances beyond one’s control, like losing a job or medical problems, it is easier for someone to obtain a VA loan. During this two-year wait period, it is best to repair and strengthen your credit.

Don’t Wait – See if you Qualify Today!

When is a foreclosure not a foreclosure?

Short Sales are typically considered foreclosures, however the VA does not have guidelines regarding the wait that comes after a short sale. This wait is called a seasoning period, and many lenders make borrowers wait two years to obtain a VA loan after a short sale. does not.

A short sale occurs when your mortgage lender allows you to sell the home for less than you owe, allowing the lender to receive at least some cash to avoid the expense and time involved with a foreclosure. While a short sale is still not good for your credit, does not have a waiting period following a short sale, as long as we can determine that the borrower is not trying to take advantage of the market.

We will have to review your how much you are entitled to on your VA loan, since some will still be tied up in your foreclosed property. However, when working with, we can help you navigate your way through obtaining a VA loan after a foreclosure whether there is a wait period or not. While a foreclosure might seem like a tough pill to swallow, we will help you figure it out the whole way through.

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Bobby Atkisson

Bobby Atkisson

Bobby Atkisson is a seasoned mortgage professional who provides high quality financial services to military members and veterans. With over 14 years experience in the lending and financial industry, his mission is to provide high quality mortgage programs with the most competitive interest rates. For expert advice and guidance on VA Home Loans and Refinance, contact Bobby today at 800-537-2050.