VA home lending offers military veterans arguably the best home loan option. That is of course if 0% down, no monthly mortgage insurance and competitive Arizona Mortgage rate are positives for you. In addition, qualified veterans can finance a new home using a Phoenix VA mortgage shortly after a foreclosure.’
Short Wait After Foreclosure for VA Loan
Typically, buyers must wait 3 to 7 years after their foreclosure to qualify for a home loan. VA requires veterans wait just 2 years after a foreclosure before qualifying for a VA home loan. This is just another way VA provides our nation’s heroes with the best of the best in mortgage options.
Post Short Sale Wait for VA Loan
Additionally, veterans using a VA loan must wait just 2 years (or less) after a short sale to qualify. Financing a VA loan after a short sale allows flexibility from a time standpoint. Given the right variables, Veterans often qualify for a VA home loan in less than 2 years post Short Sale.
Furthermore, qualified military veterans get a second chance using a VA home loan. When a veteran foreclosed or short sold on a previous VA home loan there is still light at the end of the tunnel! Bonus entitlement often creates an opportunity for veterans to obtain a new VA loan despite previous VA loan issues.
By Jeremy House