May 23, 2011
VA Loans: What if Veteran had a previous foreclosure ?
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…….