Detailed Instructions: Given a passage and a query based on the passage, generate an unambiguous, concise and simple answer to the query from information in the passage. Note that the answer may not be present in exact form.
Q: If your foreclosure occurred on one of these loans (FHA, VA or USDA), you might face an automatic three-year wait before being eligible for another. Much will depend on whether the default winds up reported to a database that tracks default on federal debt. Getting a VA loan after a foreclosure is possible. Despite their $0 down payment benefit, VA loans have been the most foreclosure-resistant mortgage product for most of the last eight years. Still, some veterans and military members do default on their hard-earned VA home loans. But military borrowers still have a shot at becoming homeowners after a VA home loan foreclosure. Understanding credit and VA loan entitlement are key parts of bouncing back. After Defaulting on a VA Loan. The reality is it's possible to get another VA loan after experiencing a foreclosure, a short sale or a deed-in-lieu of foreclosure. You'll typically need to wait two years in order to pursue a new mortgage. Some lenders, including Veterans United, don't have a waiting period following a short sale in most cases Banks' policies vary, and your lender may require a waiting period of more than two years before financing your new VA loan. If you financed your foreclosed home using a VA loan, you must also repay any losses the government sustained during the foreclosure process before the VA will back your new mortgage. Lenders may have their own in-house requirements on top of that. With a Chapter 7 bankruptcy, the seasoning clock begins when the action is discharged. From that point, you're typically looking at a four-year wait for conventional loans and a two-year wait for either FHA or VA financing. (The FHA's short-term "Back to Work" program offers qualified borrowers the possibility of even swifter movement after both bankruptcy and foreclosure.) Chapter 13 bankruptcies can be a little different. Additional Concerns. Foreclosure is one of the most damaging entries that can appear on your credit report. As a result, you have no guarantee that your credit will recover enough to borrow again after two years. Lender requirements vary, but you must have a credit score of 620 to 680 before you qualify for a VA loan. Your credit must also reflect no late payments over the last 12 months. If you still have credit problems, your waiting period continues until you clear up your credit history enough to meet the VA's requirements. Your credit score is shot and it can be impossible to get credit. Some homeowners, no doubt, believe that the credit score hit is worth getting out from a deeply underwater mortgage. They may owe, say, $500,000 when their house value is only valued at $350,000. And, they figure, there's no way it will ever be worth what they owe so it's better to get out from underneath the burden. A: There is no wait to buy a property per se, as you can always pay with cash. However, if you need financing, the answer is it depends. If you walked away from your last home it could take as long as seven years for you to again be eligible for a new mortgage from Fannie Mae or Freddie Mac, but recent changes after the housing market meltdown may shorten that time considerably. Fannie Mae, Freddie Mac guidelines A foreclosure can knock anywhere from 85 to 160 points from your credit score. VA lenders will also typically require a two-year seasoning period following a foreclosure. Homeowners who lose an FHA loan to foreclosure may need to wait three years before securing a VA home loan. Many veterans are under the impression that having a VA loan foreclosed on means they've automatically lost access to their benefits. If you have gone through a foreclosure, you can get a new FHA mortgage loan after waiting three years. After a Chapter 7 bankruptcy, the waiting period is generally two years. If you file for Chapter 13 bankruptcy, you might be able to get a new FHA mortgage before you complete the plan. In order for a VA borrower to have full entitlement restored after foreclosure, he or she must repay the loss (the guarantied amount) suffered by the VA as a result of the foreclosure before being considered for another VA mortgage. Query: how long do i have to wait after a foreclosure to buy a house va
A:
VA lenders will also typically require a two-year seasoning period following a foreclosure.