VA Loans After a Short Sale
If you have had financial trouble in the past and went through a short sale, consider yourself lucky that you didn’t have to experience the entire foreclosure process. Getting a VA loan after foreclosure is different than after a short sale – and it surprises some Veterans to learn that if they can prove that they paid their mortgage in the 12 months preceding the short sale, they are actually eligible for a VA loan immediately after the sale as long the following is upheld:
- Short sale must be noted as “paid in full” on the credit report
- You can’t have done a short sale to take advantage of declining market conditions and purchase, at a reduced price, a similar or superior property within a reasonable commuting distance – the general rule is 50 miles
As painful as the short sale process was for many Veterans, the good news is that the VA has made it possible to start fresh with a new VA loan once you have been approved for a new VA loan.
Get Approved For a VA Loan After a Short Sale
Getting approved for a VA loan after a short sale is a simple process – you can simply contact one of our VA loan experts who can help you understand your options and get you qualified for a new loan. Getting the right information about getting qualified for a new loan is the most important step in the process and our expert VA loan officers are happy to help. Contact us today!
