Compare Mortgage Quotes

Refinance Rates for Today

Please enable JavaScript for the best experience.

In the mean time, check out our refinance rates!

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
Page loaded in 0.061 seconds.