By Doug Bullwinkel
HOW LONG DOES A VETERAN HAVE TO WAIT AFTER A SHORT SALE, TO PURCHASE A HOME IN ROSEVILLE, CA?
OK, so you’re a Veteran and you ran into some financial problems like everyone else. You had to sell your home using a short sale. You’re watching homes in the Roseville area selling at unbelievably low prices that haven’t been seen in years. Interest rates are so low that the monthly payment to purchase something like you had would be less than what you are now paying for rent.
You really want to buy another home but you think you’re stuck because of the short sale. You’ve heard that you’ll have to wait at least three years or more before you can qualify for a new loan. You probably think you need to have to have a large down payment because of your past credit history. You’re embarrassed to even go to look at houses because you don’t want to be disappointed. You can’t even look your wife in the eye because you lost the home that she loved. Your kids may still go to the same school, but all their friends live in your old neighborhood so they have no friends to play with where you are now renting. Your dog hates you because he had his most valuable possessions buried in that other yard. Nothing is quite the same since you had to short sell your home.
Veterans are now eligible to purchase another home after ONLY ONE YEAR from a previous short sale. Yes, that’s with No Down Payment. The closing costs can be paid by a willing seller or you can obtain a gift from a relative for those costs, usually between 2% and 3% of the purchase price. Every loan is looked at on a case-by-case basis, so many Veterans will qualify depending on the previous loan and the circumstances surrounding the short sale. The rules in some states may vary. I only provide VA Loans in California.
OOPS! You didn’t have a Short Sale, but it was a FORECLOSURE! Ouch! Now you’re really out of the market.
NOT SO. As a Veteran, you can be eligible to purchase another home after only TWO YEARS following a Foreclosure.
WHAT DO YOU NEED TO DO TO GET APPROVED FOR YOUR NEW VA HOME MORTGAGE?
Contact me, or your lender if you have one, and get your loan application started. You’ll need documentation for your income history for two years, your assets for the past two months, pay stubs for the past 30 days and a credit report that shows everything is current and you are not in the middle of any credit issues for your current debts. Write a truthful letter describing what led up to the short sale or foreclosure, and what you have done to ensure that it won’t happen again in the future. Once you have your loan approved, you can start looking for that new home so you can get your life back to normal again. Your wife, your kids and the dog will thank you.
NOTE: Doug Bullwinkel is a licensed California Mortgage Loan Originator, NMLS #281609 for Guaranteed Rate Affinity with over 30 years in the Real Estate and Mortgage Industry. He specializes in Niche loan programs including the VA Home Loan Program, FHA, USDA, CalHFA and down payment assistance programs. His website is VALender.com. Doug can be reached at (916) 295-0044 for more information or email him at: doug.bullwinkel@GRARate.com