How long do I have to wait to get a VA Loan after a Short Sale?
Many Veterans have encountered financial Hardship during the past several years, including the Short Sale of their home. Active Duty Recalls, Deployments, Overseas Tours, Risky Mortgage Loans, falling Real Estate Prices, Unemployment, etc have created financial Hardship for many Veterans across the Country, resulting in the necessity to Short Sell their home.
We have good news for our Vets: You can get a VA Loan soon as 2 years after the Short Sale Date in California. Some cases qualify even sooner.
California VA Loans After Short Sale: the minimum waiting period is 2 years after the Short Sale Date if you were late on your Mortgage Payments at the time of sale. The Underwriter will require that you have zero late payments on anything since the Short Sale, and zero collections since the Short Sale as well. Re-establishing credit is a must as well, whether it's a car loan, or small credit card.
If you Short Sold your Home and were on time with all your Mortgage payments prior to the sale, we do not require a 2 year waiting period in most cases. One word of caution, if the loan on the short sale home was a VA Loan, it will trigger teh 2 year waiting period. It will also require that you have enough entitlement after the Charge against Entitlement to reach the VA Guarantee figure of 25%.
Timelines for California VA Loans after Financial Hardship:
- VA Loans after Bankruptcy - as soon as 2 yrs after Bankruptcy Discharge
- VA Loans after Foreclosure – as soon as 2 yrs after Foreclosure Sale Date
- VA Loans after Short Sale – as soon as 2 yrs after Short Sale date
- Short Sales that had no late Mortgage Payments prior to date of sale may be eligible sooner than 2 yrs (sometimes immediately after sale)
If you have experienced one of these financial hardships and are a Veteran (or all 3 in some cases) please call us to find out how soon you may qualify to purchase a new home, upgrade your existing home, or refinance your current loan to take advantage of low interest rates. 866-900-2342 toll free direct.