Short Sales and VA Home Loans

Recently I was working with a new client who had a short sale close 2 years ago.  As we were looking over this couple options, I asked them if either one of them had served in the military.  The husband informed me he served in the Army years ago.  I immediately asked him if he ever used his entitlement to get a VA loan.  He had not!  VA Loans are the best programs to get back into the market as a buyer.  If you have an extenuating circumstance, you can buy again after short sale or foreclosure after only one year!  For normal circumstance such as financial difficulty, job relocation etc., the wait period is only two years.  My client did a short sale because he wife was laid off from her job and they were coming up short on their payments each month.  They have paid down  their debts over the past year, their credit scores are around 640 today and they are both fully employed.  They just went into contract on a new home in Northern California and will be closing on a home again after a short sale within only two years!!  Once again, there is light at the end of the tunnel if you have a short sale, foreclosure or bankruptcy in your past.  The best thing you can do is call one of foreclosure specialist so we can tell you where you are in the process and so we can prepare you to buy again.  We can also work and educate your realtor on the process and how to structure your offer.  Always makes me feel great when I can help someone buy a home again after life altering short sale, foreclosure or bankruptcy. 

Posted in foreclosure, short sale

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