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There Is Always Something New To Learn In The Lending Industry. It does not matter how long you have been a Loan Originator there is always something new to learn. Yesterday was one of those times for me, and I was surprised by the answer.
I have a Veteran that wants to purchase a home with a VA Loan. This Borrower owned a house in Arizona up until a year and a half ago and had a Conventional Mortgage on it. This Borrower needed to relocate to Connecticut because of his job, and we all know the Housing Market in Arizona has not been very good the last few year, as a result the sale of the house was a Short Sale.
Now I am very familiar with the FHA and Fannie Mae Guidelines on Short Sales, but I could not recall what they were for VA, so I went searching. First I looked at the Program Description that we have for VA Loans, and to my surprise there was nothing there for Short Sales or Foreclosures. I then did a search on the web and still nothing. So I talked to my Underwriter, and surprise, surprise again, she did not know either. So she sent an e-mail to the Underwriting Department at VA and this is the response she got back:
"If the veteran hadn't been in default during the short sale process, then there wouldn't be any timeframe where he'd have to wait to obtain a VA home loan. Since the property was behind, he'd need to re-establish his credit over at least a 12 months time period from the date of the sale."
(I have deleted the name) Team Leader (Realty) Department of Veterans Affairs 1240 E. 9th Street Cleveland, OH 44199
That was a surprise answer. According to the answer we received, there are NO time limits for a Short Sale with VA as long as the Borrower was not late on his payments during the Short Sale process. And if he was, he only needed to have a clean payment history for 12 months after the Short Sale. That is huge for Veterans that might have fallen on hard times, but have gotten back on there feet again.
If this was a FHA Loan the wait would be 3 years, unless there were not lates during the Short Sale, but that is very unlikely in most Short Sales that I have seen. And it would be up to a 7 year wait for a Conventional Mortgage.
Even though this Borrower could pay his mortgage in Arizona, he was required to go late buy Lender before he would be considered for a Short Sale. But since this Borrowers Short Sale was a year and a half ago, and he has not had any late payments on anything since then, we will be able to do his loan once he finds a house. Needless to say I have a very happy future Borrower looking for houses right now.
George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or email@example.com
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.