Posted on: 16th Jan, 2014 11:16 pm
Hello there! I had a VA loan on my home which I lost to deed in lieu of foreclosure in 2010. I also had to file Chapter 7 bankruptcy which has been discharged. The VA paid to the lender for the house. Now, when I applied for a new eligibility certificate, I was told that my basic entitlement was zero. What does it mean? Will I never be able to get a VA loan?
As far as I know, you may not be able to get a VA loan or any VA benefits unless you are repaying the VA for all the money that they lost.
Hi Guest,
I agree with what Niicss has said. It will be better to take steps in order to pay off the money to the VA and get rid of it.
Thanks
I agree with what Niicss has said. It will be better to take steps in order to pay off the money to the VA and get rid of it.
Thanks
was the house reaffirmed in the BK?
Yes I too agree to the fact that you should repay your VA loan money as soon as possible to get rid of all the harassment.
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HI Guest,
Yes it is possible to get another VA loan. Veterans have both basic entitlement and bonus entitlement. To give you an accurate answer i would have to know how much entitlement is showing as charged to you on your COE. Also, would need to know what county and state you would be looking to buy a home in? If you were charged $36,000 of basic entitlement because of default from previous loan, you would have to then look into bonus entitlement. A good lender would be able to figure this for you, or you can post the info here and i can do it.
If using bonus entitlement, your new loan would have to be 144k plus. This doesnt mean you can still get the loan, just that this is part of the equation.
For example, if $36,000 of entitlement has been charged, and you are buying a home in a county where VA limits are $417k, then you would have approx. $68k of bonus entitlement. You could potentially buy another home using VA up to 273k at 100% financing.
However, you may have been charged more than $36k due to the foreclosure so this is why the COE is important to look at
Yes it is possible to get another VA loan. Veterans have both basic entitlement and bonus entitlement. To give you an accurate answer i would have to know how much entitlement is showing as charged to you on your COE. Also, would need to know what county and state you would be looking to buy a home in? If you were charged $36,000 of basic entitlement because of default from previous loan, you would have to then look into bonus entitlement. A good lender would be able to figure this for you, or you can post the info here and i can do it.
If using bonus entitlement, your new loan would have to be 144k plus. This doesnt mean you can still get the loan, just that this is part of the equation.
For example, if $36,000 of entitlement has been charged, and you are buying a home in a county where VA limits are $417k, then you would have approx. $68k of bonus entitlement. You could potentially buy another home using VA up to 273k at 100% financing.
However, you may have been charged more than $36k due to the foreclosure so this is why the COE is important to look at
