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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Do you have a home loan related question?

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