Home arrow Mortgage Forums arrow Loan Talk for First Time Home Buyers arrow

VA Loan after BK

Author Message
Icon Mini Profile tracey0413





Joined: 29 Mar 2010

Posts: 6

2.93 Dollars($)
Post Posted: Wed Feb 09, 2011 5:05 pm    Post subject: VA Loan after BK
Like 0
Dislike 0

My parents filed for BK 4 years ago. The bank has still not foreclosed on the home that was discharged in the BK. They would like to purchase a small home. Would they qualify for a VA loan even though their name is still on the deed of the home? My dad served in the Navy for many years.
Icon Mini Profile adonis
adonis




Joined: 22 Oct 2005



Posts: 10531
Location: ALASKA
1085.02 Dollars($)
Post Posted: Wed Feb 09, 2011 8:16 pm    Post subject:
Like 0
Dislike 0

Welcome tracey,

It will be a bit difficult for them to qualify for a new loan as there is already a property listed in their name. Nevertheless, I will suggest them to contact the local VA lenders and apply for a loan and check out if the lenders can help your parents.

_________________
Procrastination is the enemy of your financial success
Guest









Post Posted: Wed Feb 09, 2011 8:28 pm    Post subject:
Like 0
Dislike 0

Do you think they would qualify for FHA or would they run into the same type of problem?
Icon Mini Profile adonis
adonis




Joined: 22 Oct 2005



Posts: 10531
Location: ALASKA
1085.02 Dollars($)
Post Posted: Thu Feb 10, 2011 12:28 am    Post subject:
Like 0
Dislike 0

Hi Guest,

It will be same with a FHA loan as well. Unless the property is sold off, I don't think that the lenders will be interested in giving loan to your parents.

_________________
Procrastination is the enemy of your financial success
Icon Mini Profile josh2





Joined: 25 Jun 2011

Posts: 1

1.15 Dollars($)
Post Posted: Sat Jun 25, 2011 11:17 pm    Post subject:
Like 0
Dislike 0

Unfortunately, they will probably have to wait about 2 years from the time that the bank actually sells the home. Basically most lenders are going to look at the date on the Trustee's Deed which is used in most states when the home is sold.
Icon Mini Profile raymond
raymond
Community Expert
Community Expert

best lender badge

Joined: 03 Jul 2009

Posts: 1180
Location: Irvine, California
26.67 Dollars($)
Post Posted: Tue Jun 28, 2011 9:00 pm    Post subject:
Like 0
Dislike 0

If it were me, I'd research renting the property. Then it wouldn't be my primary residence, which would enable me to purchase a home with the VA program. You're past the 2 year bankruptcy seasoning requirement, so no worries there, but there'll probably be some seasoning guidelines with the rental, so ask about that. Use a Loan Officer that only does VA guaranteed home loans, and offers the program from several Lenders.
_________________
Raymond Denton
www.RaymondDenton.com
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Highlights

Bookmark this page

Helpful References

Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators

     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools

Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community

MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards

Five simple ways to earn money with the Mortgage Community.

MortgageFit on Twitter

Followers (252)











We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 0.061 seconds.