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VA Loan after BK

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tracey0413 Joined: 29 Mar 2010 Posts: 6 2.93 Dollars($)	Posted: Wed Feb 09, 2011 5:05 pm    Post subject: VA Loan after BK Like 0 Dislike 0 My parents filed for BK 4 years ago. The bank has still not foreclosed on the home that was discharged in the BK. They would like to purchase a small home. Would they qualify for a VA loan even though their name is still on the deed of the home? My dad served in the Navy for many years.
adonis Joined: 22 Oct 2005 Posts: 10531 Location: ALASKA 1085.02 Dollars($)	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	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?
adonis Joined: 22 Oct 2005 Posts: 10531 Location: ALASKA 1085.02 Dollars($)	Posted: Thu Feb 10, 2011 12:28 am    Post subject: Like 0 Dislike 0 Hi Guest, It will be same with a FHA loan as well. Unless the property is sold off, I don't think that the lenders will be interested in giving loan to your parents. _________________ Procrastination is the enemy of your financial success
josh2 Joined: 25 Jun 2011 Posts: 1 1.15 Dollars($)	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.
raymond Community Expert Joined: 03 Jul 2009 Posts: 1180 Location: Irvine, California 26.67 Dollars($)	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

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