Welcome to Joe Knows Mortgages MINUTE, where we answer your mortgage questions.
On this week’s Joe Knows Mortgages MINUTE, we answer the question:
Can you use a VA Loan if a prior VA loan was foreclosed on?
It is possible for service members with a history of bankruptcy or foreclosure to secure a VA loan. Even borrowers who have had a VA loan foreclosed on can still utilize their VA loan benefit and you may be able to secure financing after just two years.
Borrowers can use something called second-tier entitlement (aka bonus entitlement) to secure financing in the wake of a VA foreclosure.
The first step is to determine how much entitlement you have left, if any. You can do so by contacting your local VA Lender.
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