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15 November 2013

VA Loans After Foreclosure

This week, our nation celebrated its veterans of the armed forces.  In light of that, it seems appropriate to remind veterans who have walked away from a home due to foreclosure about the possibility of returning to home ownership through a VA loan.   With VA eligibility, a veteran can purchase 24 months after a […]

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This week, our nation celebrated its veterans of the armed forces.  In light of that, it seems appropriate to remind veterans who have walked away from a home due to foreclosure about the possibility of returning to home ownership through a VA loan.

 

With VA eligibility, a veteran can purchase 24 months after a foreclosure or short sale. VA loans do not require any down payment.  There is a VA funding fee that can get financed into the loan. APR for these loans is currently in the high 3% to low 4% range.

 

As part of qualification for a VA loan after foreclosure, a borrower will have to explain the circumstances that lead to foreclosure on the house.  A VA loan borrower will also have to demonstrate that their credit has been reestablished since the foreclosure.  In addition, a borrower will need to show that their debt to income ratio is 55% or lower.

 

This is an exceptionally forgiving and beneficial program for any veteran who is seeking to return to home ownership after foreclosure.

 

For more information contact us:

info@afterforeclosure.com

 

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