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.
Do you have a home loan related question that you want answered? We want to hear from you!
All you have to do is submit your question and it may be chosen for our next “Joe Knows Mortgages MINUTE” which we showcase on Mondays.
All questions will be replied to, so please submit your question below.