Va Home Loan Requirements After Foreclosure. Va guidelines after bankruptcy and foreclosure on waiting period after foreclosure. Regarding foreclosures and deeds in lieu of foreclosure you re typically looking at a minimum two year wait before being able to qualify for a va loan.
Fha loans require a three year waiting period for a home buyer to qualify for an fha loan after a foreclosure deed in lieu of foreclosure or short sale. Va loans only have a two year mandatory waiting period after foreclosure deed in lieu of foreclosure or short sale for a veteran to qualify for a va loan. A few exceptions exist though like when state law precludes reinstatement.
One area that can trip up va buyers is if their foreclosure occurred on an fha.
Va lenders will also typically require a two year seasoning period following a foreclosure. Under va guidelines the borrower generally gets the right to reinstate the loan and stop a foreclosure sale by paying all overdue payments late charges and foreclosure expenses. However unlike homeowners with fha loans or conventional. Va maximum guarantee on va mortgage after prior va loan foreclosure.