July 16, 2011
The answer is yes, with some restrictions. The Veteran homebuyer has to live in/occupy one of the units as his/her principal residence. The Veteran homebuyer cannot use the rental income he/she will acquire from the other units, to qualify for the VA loan. The good news is that the VA Loan will finance 100% of the purchase price, even on……
June 30, 2011
Client called today with a not-so-unusual scenario. They had been declined by a Bank on this . . They lost their home in foreclosure 5/29/2008, filed Bankruptcy in 10/2008 and the BK was discharged 6/4/2009. In their Bankruptcy filing their attorney had listed the balance of the foreclosed-on mortgage. The bank denied their loan stating that the filing of the……
May 23, 2011
If the mortgage the Veteran was foreclosed on was a non-VA loan (e.g. FHA, CONV etc) then he/she is eligible for VA financing after 2 yrs. However if the loan that was foreclosed on was a VA loan, some restrictions come into play. The Dept of VA is going to assess how much their $ loss was through that foreclosure…….
February 18, 2011
There are different rules that apply to the “seasoning” period since a foreclosure event, amongst different types of loans (CONV, FHA, USDA, VA). VA Loans offer the lowest such period of time required since the foreclosure . . .i.e just 2 yrs! FHA is presently at 3 yrs and so is USDA. Deeds in lieu of foreclosure (where the Veteran……
