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Company Loan Type APR Est. Pmt.

Deed in lieu and VA loan

Posted on: 02nd Jan, 2012 02:27 am
hello there… i had a deed in lieu and i wanted to take out a va loan to refinance my house. however, i was told that the va required a two year waiting period after a deed-in-lieu before i could get approved. as 2 years have passed, i did apply for the refinance now but they informed me that the rule has changed to 3 years now. so, i need to wait for 1 year more and then apply for va refinance. all else, income, credit score, debt ratio is good. i want to know whether va can arbitrarily make the three year waiting decision when they earlier stated a two year policy? can a va reviewer/underwriter decision be appealed in any way?
hi paula,

va can change their rules as per their discretion. normally, you need to wait for 3-4 years after a deed in lieu of foreclosure in order to get a new mortgage or refinance your existing mortgage on some other property. the time when you contacted them for a refinance, may be they had the rule of 2 years. with time, the rule has changed and now you need to wait for 3 years to get a mortgage after deed in lieu of foreclosure.

thanks,

jerry
Posted on: 02nd Jan, 2012 03:11 am
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