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Dave Halpern, Louisville Short Sale Expert (Dave Halpern Real Estate Agent, Inc., Louisville, KY (502) 664-7827)

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Rainmaker
4,582,434
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

I don't participate in many VA loans and none that ended in foreclosure so I would ask a loan expert who likely has even more questions. 

Sep 03, 2018 07:34 PM
Ambassador
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John Meussner
Mortgages in AZ, CA, CO, DE, FL, GA, IN, MD, MN, MT, NC, NJ, NV, OK, OR, PA, SC, SD, TN, TX, UT, VA, WI - Fair Oaks, CA
#MortgageMadeEasy Fair Oaks, CA 484-680-4852

Thanks for the shout outs Fred Griffin and Carol Williams !

 

The client is going to want to make sure they've had the lender pull a CAIVRS report and also get an up to date certificate of eligibility which should spell out how much eligibility they have.  CAIVRS will provide all the needed info to determine loan eligibility.

Sep 04, 2018 10:38 AM
Ambassador
2,684,569
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

 They may need an updated Certificate of Elibility that states their current entitlement.

 Two year "seasoning" period needs to have passed.

  Shout out to Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi  and Rob Spinosa and John Meussner for more detailed explanation.

Sep 03, 2018 07:53 PM
Ambassador
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Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

I know there used to be a 2-year seasoning period and there was a reduced entitlement amount for subsequent VA loans if they didn't pay back the balance. 

I would definitely check with a VA lender to confirm though.

Sep 03, 2018 07:40 PM
Ambassador
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Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

That's a question for a VA lender, not me.

Sep 03, 2018 08:34 PM
Rainer
420,003
Caroline Gerardo
Licensed in 20 states - Newport Beach, CA
C. G. Barbeau the Loan Lady nmls 324982

How much did he/she use? Is it 24 months past the event? Facts answer the question. The VA is forgiving but you need a direct person who understands,

willing to give their lender advice for free- important how to write/ file the requests

 

Sep 03, 2018 07:45 PM
Rainmaker
5,240,021
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Shout out to Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi , Joe Petrowsky and our other loan experts here in the Rain. 

Sep 04, 2018 05:56 AM
Rainmaker
1,847,041
Lyn Sims
Schaumburg, IL
Real Estate Broker Retired

You've got great answers that I didn't know.

Sep 04, 2018 04:34 AM
Ambassador
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Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Prop. Mgr, Wenatchee, WA

Here's a shout out to our lender members.
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi 
Rob Spinosa
John Meussner 

Sep 04, 2018 07:15 AM
Rainmaker
1,201,612
Doug Dawes
Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA
Your Personal Realtor®

Fred Griffin has provided you a good answer

Sep 04, 2018 06:40 AM
Rainmaker
1,153,794
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

The entitlement will likely be readjusted if it's not paid but th VA will be your best source, not here.

Sep 04, 2018 05:17 AM
Rainmaker
1,241,879
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

I will call the lender to remind them of your concern and a written reply before I go too far.

Sep 04, 2018 05:03 AM
Rainmaker
4,901,858
Richard Weeks
Dallas, TX
REALTOR®, Broker

Not 100% sure.

Sep 04, 2018 04:50 AM
Rainmaker
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Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Although I do a number of VA loan purchases each year, this is a question I can't answer as I've never come across the issue. 

Sep 04, 2018 04:01 AM
Rainmaker
7,864,157
Roy Kelley
Retired - Gaithersburg, MD

No.

Sep 04, 2018 03:44 AM
Ambassador
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Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

I have no plans to be an expert in any govt loan programs.

Sep 03, 2018 11:09 PM
Rainmaker
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Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Dave,

You have good answers here.

Sep 03, 2018 08:45 PM
Rainmaker
4,319,773
Praful Thakkar
LAER Realty Partners - Burlington, MA
Metro Boston Homes For Sale

Dave Halpern - learned from the answers from Fred Griffin and Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi. 

Sep 04, 2018 09:05 PM
Rainmaker
1,598,452
Valeria Mola
SIB Realty - Miami, Sunny Isles Beach - Sunny Isles Beach, FL
305-607-0709 SIB Realty Condos for Sale and Rent

Yes, I heard that too. 

Sep 04, 2018 08:10 PM
Rainmaker
1,291,481
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Great question, Dave Halpern, as more and more Veterans are aware of and using their VA benefits to finance a home purchase these days ... so this is very timely and important for all to know ...

As to the deficiency and whether or not a Veteran is required to repay their deficiency:  It's too difficult to broadly answer definitively with the info available here ... or easily within this format. 

But it's my experience that:  It's the Certificate of Eligibility (required to move forward) that helps a Lender understand the Veteran's "abilities".  To move forward with financing, in general ... and also to what level or amount of loan they can be approved.

There is no direct repayment of funds in these cases.  Each case is considered on its own specific merit.   A Lender learns the effect of the Veteran/Borrower's deficiency as the new case number is entered ... and as they start a file for that Veteran/Borrower.  We react from that point ...

My suggestion is to talk to your local trusted Lender experienced in VA financing and get your client Pre-Approved. 

Hope the limited info provided here helped you some.  Good Luck ...

Gene  

   

 

Sep 04, 2018 03:56 PM
Rainmaker
2,784,716
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

What a good question...lets find out Dave

Sep 04, 2018 06:38 AM
Rainmaker
3,416,038
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

It has been 5 years since i had to deal with it, but i do tell my buyer clients to disclose everything so they can get these answers before making any offers on anything. 

Sep 04, 2018 06:16 AM
Rainmaker
2,221,377
Anthony Acosta - ALLATLANTAcondos.com
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Great question for a loan officer. 

Sep 04, 2018 06:13 AM
Rainmaker
1,045,440
Dave Martin (703) 585-4687
Fairfax Realty - Fairfax, VA
Making Realty Dreams a Reality #WeWillGetYouHome

I believe that is accurate but I haven't had to work with a VA home buyer that had a previous foreclosure on a VA loan for some time... however it might make more sense for them to look at other options given the much higher VA funding fee for 2nd and later uses of the VA entitlement for home buyers. At least that is what I see in the Northern Virginia market

Sep 09, 2018 06:13 PM
Rainmaker
2,071,025
Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL

I have never done any transaction with VA loan. 

 

Sep 04, 2018 08:38 PM
Rainer
376,687
Libby Cousins
Extraordinary Processing - Spokane, WA
Contract Mortgage Processor, licensed in WA

Thankfully, I have enver run into this so I am not sure. 

Sep 04, 2018 02:34 PM
Rainmaker
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Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

beyond my paygrade.....

Sep 04, 2018 09:19 AM
Ambassador
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Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

All I know about VA and FHA is that the knowledge a lender needs to much deeper than other types of loans.  Make certain you get the answer you need from someone who truly knows ... not just think they know.  Make sense?

Sep 04, 2018 08:34 AM
Rainmaker
4,961,536
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Good question.

Sep 04, 2018 07:47 AM
Rainmaker
4,800,132
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I don't know.

Sep 04, 2018 06:37 AM
Rainmaker
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Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Good luck.

Sep 04, 2018 05:44 AM
Rainmaker
3,986,308
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

No idea!

Sep 04, 2018 02:23 PM
Rainmaker
1,712,776
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Not my question to answer and not the forum to get an answer.

Sep 04, 2018 07:11 AM
Rainmaker
1,553,588
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
CEO of Vision Drive Realty - Coastal San Diego

Ask Jason E. Gordon ; I believe the borrower can call the VA RLC (regional loan center) and get that info too. I believe they are eligible after a 2 years cooling off period for BK and Foreclosure.

Sep 04, 2018 06:55 AM
Rainmaker
2,400,425
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

Living in a base community I should know the answer to this but I have to say I do not Dave Halpern .

Sep 04, 2018 06:52 AM
Rainmaker
716,032
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

A lender who specializes in VA loans will have that answer.

Sep 04, 2018 12:07 PM
Rainmaker
5,877,500
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I would have to check with my VA lenders.

Sep 07, 2018 07:38 PM
Rainmaker
544,014
Dave Halpern
Dave Halpern Real Estate Agent, Inc., Louisville, KY (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

Thanks everyone for great answers!

Sep 04, 2018 10:35 PM
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