Well here is a scenario/possibility:
Current mtg and 2nd not reaffirmed. Listed as included in bk. Still paying payments...
2 years out from BK the person is better off financially and wants to buy a home VA.
Would the 2 mtg's on old home count toward debt ratio? I am thinking no, if IIB it would say zero owed, no?
Thus, why couldn't one apply for and get a VA loan, close on the new house -- and then walk away from the other one (if they couldn't sell it, of course)?
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Originally posted by Tbornetun View Post
This is true for our area too (S. Fl). We still have years of inventory in most of our market (up to 4 YEARS) - which of course is crazy. No one even looks at anything other than the best deals in the neighborhood - so it is the same as the rest of the homes not even being on the market. You can tell when you get into the right pricing - suddenly the property gets showings. Other than than it just sits. Don't be too anxious to jump in yet - make sure whatever you are looking at is right for you - once you buy now, you could be in for an extra long holding period.Leave a comment:
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I think it is going to take quite a while to build back up. You should still be able to get great deals on homes a year from now, who knows, it may be a better deal then. The market in our areas hasn't turned around yet, so it hasn't even begun to go back up.Leave a comment:
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Yes - I found out it is 2 yrs from discharge. Or 1 yr with extenuating circumstances. I was laid off in 2006 which contributed to my bk....wonder how one proves it? 80-100k for a house is mighty tempting.
Oh well. Probably for the best. Gives us time to pay off student loans and accumulate good safety net savings. Just hope the housing market doesn't go back up during this waiting period.Leave a comment:
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2 years from discharge... there are some good sites out there with VA guidelines...Leave a comment:
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Is a VA loan two years after filing, discharge or closing? Just wondering as we are in the same boat.Leave a comment:
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I've been trying to find the actual guidelines for the VA loans all over the place. What I found is 2 years from CH7 (1 year with extenuating circumstances) and 2 years from foreclosure. FHA has changed its guidelines, I believe to 4 and 5 years, but the VA has not changed them. I am hoping they don't. I feel like we are being punished because we bought at the wrong time. Our house would sell for maybe 150k and we owe 300k. We can't afford the payments anymore and we can't sell...Leave a comment:
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No, not NFCU, GMAC and Wells Fargo. As long as the bank has a VA program you can use your cert anywhere. GMAC is the one the initially approved us 60 days ago and are pulling it for review now. Our loan guy also sumitted out stuff to Wells Fargo now, so we have two banks working on our file. Whoever, gives our clear to close first wins.Leave a comment:
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thanks for the quick response! I never bk'd or foreclosed on a home. I wonder if this would make a difference?
btw - are you trying for the VA loan from NFCU or somewhere else?Leave a comment:
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They may make you wait 2 years, we are almost 3 years out from a foreclosure and we are having issues with our VA financing. The only negative on our credit is the foreclosure, nothing but good credit otherwise. We got our Cert of Elig. no problem, but the banks are being difficult. They gave us approval 2 months ago, now they are pulling it back. We are fighting every step of the way, you would think that since it is secured by VA that it would be easier but it's not. We were supposed to close a couple weeks ago but we are still waiting for our clear to close. It sucks!Leave a comment:
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VA Home Loans - Anyone with experience post BK?
I'm amazed at the great deals out there and thinking about trying for a mortgage. I know it's a slim shot since I just got out of BK. But we are talking home for under $100k - monthly payments less than my rent!
As a Vet I have access to the VA Loan program - a benefit I never used and am entitled to.
Anyone with any experience with VA post bk?
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