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Can I use my VA loan after I sell my house?
As long as you sell the home and pay off the loan in full, you can have your full entitlement restored and available for another purchase. Having your full entitlement means being able to borrow as much as a lender is willing to lend without the need for a down payment.
Can I use my VA loan again after foreclosure?
Borrowers who’ve lost a VA loan to foreclosure will have reduced VA loan entitlement, which will limit how much they can borrow without making a down payment. But that previous foreclosure doesn’t automatically preclude them from using this hard-earned benefit again once they’re past the two-year mark.
How long after buying a house with a VA loan can you sell it?
When can you sell a VA loan home? With VA-guaranteed mortgages, there’s typically no requirement for how long you have to live in the home before selling. VA loans also don’t have any prepayment penalties (a fee if you end your mortgage early), so there’s no need to worry about that if you’re considering selling.
How long do I have to live in a house with a VA loan?
60 days
How long do you have to occupy a home purchased with a VA loan? Typically, homebuyers have 60 days from closing to occupy a home purchased with a VA loan. However, the VA does allow homebuyers in certain situations to go beyond the 60-day mark, potentially extending up to one year.
How long do short sales stay on your credit report?
seven years
How Long Does a Short Sale Stay on Your Credit Report? Like a foreclosure, a short sale is considered a derogatory item and it can remain on your credit report for up to seven years.
Can you purchase a VA home after a short sale?
Yes. The VA Home Loan Centers guidelines allow a purchase 24 months after a short sale. Unless the home is sold using VA HLC HAP. In this case, the loan will be paid in full and you can use your VA eligibility immediately. However, the final loan approval is subject to underwriting.
Can a VA loan center represent you in a short sale?
If you choose to have VA Home Loan Centers represent you in selling your home as a short sale, you can stop using our services at any time. VA Home Loan Centers charges no up-front fees to assist you with your short sale.
Can a VA loan be sold in a foreclosure?
Yes. A foreclosure will remain on your credit report for up to 7 years. A foreclosure shows an inability to work with your lender. Other lenders in the future will look down on a foreclosure, while a sale in compromise (VA Loan short sale) is looked upon more favorably.
Is there a way to get my VA loan back?
The only way to get it back is to repay the claim in full to the VA. But borrowers may have enough VA loan entitlement remaining to purchase again with no down payment. Talk with a lender about your VA home loan picture in the wake of a short sale to determine your future eligibility.