Posted on: 08th Apr, 2010 11:05 am
After being unemployed for two years, my home was foreclosed on in Jan 2009. It was a conventional loan. I am now employed and earning good income. I want to buy again next year and I am interested in using my VA eligibility. In Jan 2011, it will be two years since the conventional loan foreclosure. Do you think the VA will give me a loan two years after the foreclosure?
As far as I know, after a foreclosure, you'll have to wait for 3-4 years in order to get a mortgage. You may be able to get a mortgage before that but the lenders would be charging a higher interest rate.