Normally VA loan requirements only require two years from the date of a foreclosure on a VA borrower’s credit before that VA borrower can qualify for a new VA loan in California. However, if that VA borrower’s foreclosure was a FHA mortgage, the VA borrower will likely have to wait three years to get a new VA loan in California. The reason for this is FHA keeps a list called CAIVRS. On this list they include everyone who has had a FHA foreclosure for three years after that foreclosure. Part of the VA loan requirements to get approved for a VA loan requires a check of this CAIVRS list. If your name pops up on this list, most VA lenders will not make the loan. Technically they can still approve you for a VA loan even if you are on the CAIVRS list, but most will not.
The date to start counting the three years is the date the deed from the FHA foreclosed home transferred out of your name. So find out this date and you will be able to get a new VA loan three years from this date.
So in summary, keep in mind that if you are VA eligible and you currently have a FHA loan, you will have to wait three years to get a new VA loan if you allow that FHA loan to be foreclosed upon. For any other loan type such as conventional, you will only have to wait two years to get a new VA loan after foreclosure.
Give us a call 858-922-7899 or email (homeloan8@gmail.com) if you have any questions about VA lending in California or if you need to be approved for a VA loan.
Best Regards,
Rob Chomentowski
Sr. Loan Officer (and VA specialist)
858-922-7899
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