Can someone use their VA loan after having a foreclosure FHA loan?

Can someone use their VA loan after having a foreclosure FHA loan?

I understand the the VA loan is a guaranteed loan for those eligible. However if someone has a recent foreclosure on a FHA loan can they still obtain a VA loan for a home purchase? How does this work?

3 Answers

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  • Pengy
    Lv 7
    1 decade ago
    Best Answer

    No not for at least 3-4 years at best. Your credit score is shot and you do need a semi decent credit score, not to mention you have already shown that you hate to say it but be trusted to make payments on your loan.

    Source(s): Just received a VA loan and went through the process
  • 3 years ago

    the reason maximum builders do not choose to have their advancements financed by potential of FHA or VA VA the provider provider is needed lots of the time to pay all ultimate fee and expenditures hence lowering the builder an sufficient return on his investment. Then there are restoration on the valuables that the VA ought to require that a time-honored lender ought to not require. an identical is quite much real of a FHA loan. the provider provider ought to be required to make upkeep that a time-honored lender ought to not require. There could be ultimate fee that the provider provider ought to be required to pay additionally, hence lowering his income. using fact a house is new does not propose that each and each physique issues will bypass VA or FHA standards. lenders do not choose to ought to placed up with the government standards. i wish this has been of a few use to you, sturdy good fortune. "combat ON"

  • Anonymous
    1 decade ago

    Not if you've had a recent foreclosure. Once the lender sees fc on your credit report it will all be over. You will need to wait 3-4 years and rebuild your credit before you will be able to get any kind of mortgage.

    Source(s): I'm a mortgage banker/broker licensed in all 50 states
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