How does my VA Loan play into having a Bankruptcy or Foreclosure?
VA Lending with Waldorf MD Bankruptcies and foreclosures are usually the very last stop on a difficult road. Borrowers certainly don’t enter any long-term mortgage agreement with the full intent of defaulting on the loan and lenders wouldn’t issue any mortgage if it was clear the borrowers had no desire to keep the house. It doesn’t make sense. No, such financial disasters are typically the result of things that happened was beyond the borrower’s control. A loss of a job, an extended illness or even a death in the family can portend a disaster. But it’s not the end of the world. And if you’ve had a bankruptcy or foreclosure, you don’ have to wait seven or 10 years before you’re eligible for a VA loan.
Getting educated at a VAREP Organization Housing Summit is a great way to learn and educate yourself on our current home purchasing scenario in the Annapolis or Greater Anne Arundel County.
There are two types of bankruptcies, a Chapter 7 and a 13. Chapter 7 is a complete release of all dischargeable debt while Chapter 13 is a repayment plan approved by a court and monitored by an appointed trustee. Most local Waldorf MD VA lenders ask for at least two years to pass since the Chapter 7 discharge and two years since the filing of Chapter 13. The very important caveat here, however, is making sure there are no more payments to creditors or a landlord that are more than 30 days past the due date. Any late payments would automatically cause most Local Waldorf MD VA lenders to decline the loan at the outset.
With a foreclosure, VA lenders also want to see a two year period to go by while credit has been repaired and there are no more late payments. You may wonder how someone can reestablish credit so soon after either event and why companies would extend credit to someone with a recent bankruptcy. The fact is there are companies who specialize in helping people repair their credit with such things as a secured credit card, timely rent and utility payments.
Seth Weigel – Loan Officer and National VA Lender and Credit repair. It is highly recommended that you contact a trusted resource to develop your mission for repairing your credit in any situation you may be in. Please contact him at the information below and find out how to fix your Credit today!
HomeDirect Mortgage, a division of BOKF, NA. Member FDIC. Equal Housing Lender.
11880 College Blvd, Suite 320
Overland Park, KS 66210
NMLS ID# 420770
913-271-4270 I Cell
913-333-5738 I Phone
913-802-5801 I Fax
If the foreclosure involved a previous VA loan, there is still a method to obtain a VA mortgage if the veteran has any remaining entitlement. If so, the VA lender can recalculate a “second tier” amount that just might fit your scenario.
There are those who might still be a bit shy to apply for a mortgage so soon after a bankruptcy or foreclosure and that’s understandable. However, for those who are ready to get back on their feet and once again buy a home, there’s no need to wait seven or 10 years, you can heal your credit much sooner than that. There are so many Local Maryland DC and Virginia VA Loan programs to help you purchase your next home in so many different way. It always starts with contacting your Waldorf MD Realtor® Skip Young and get the answers you are looking.
If you are stationed here and are looking to purchase or sell a home please contact Skip Young Realtor®:
Marine Barracks Joint Base Anacostia-Bolling PSD Washington, DC Washington Navy Yard USCG Headquarters Visitor Entrance the United States NavyNavy Band US Army National Guard Armory American Military Society Navy Lodge US Naval Reserve Readiness Military Naval & Air AttacheWashington DC Police Department Air Supply US Coast Guard Headquarters Joint Anacostia-Bolling AFB Department of NavyFort George G. Meade Naval Support Facility Indian Head Joint Base Andrews Coast Guard Yard US Air Force Civil Air Patrol NAVAIR Maryland Military Department Naval Surface Warfare Center Army National Guard Recruiter US Army Reserve Center Naval Air Station Patuxent River Welcome to the Fort Belvoir Air Force United States Department Joint Base Andrews, MD
Skip Young Realtor® with Reviews as a Realtor®, has an extensive background in working with an Elite Unit while serving his country from 91 – 94. Now an Award-winning Realtor®, located in Waldorf MD, has proven not just in the ranks of the field with an Elite unit in the Army, but also in the Maryland Real Estate Business. By working with every type of client, to include active duty and veterans alike. His dedication to helping those who are serving and need to use their VA loan, need information on leasing a property due to a short-term duty station at any one of the bases here in the Washington DC, Maryland or Virginia. Military bases such as:
There are currently 23 million veterans and service members right in your local community of Washington DC, Maryland, and Virginia. They transact over $153 billion annually in the Local Real Estate purchases and Selling of Property, along with the Rental Market. Learn how you can help tap into and serve the veteran community with VAREP, the Greater Annapolis Chapter. Skip Young your Waldorf MD Realtor® and Veteran is still continue’s to serve my country by helping our community of brothers and sisters by representing the Government Affairs division. The position is about assisting in changing the laws that help protect veterans and service members who need to find housing in the Washington DC Maryland and Virginia area.
Skip Young | EXP Realty | Waldorf MD Realtor®
Realtor®, Veteran, New Home Sales
888-860-7369 x 240 Broker
137 National Plaza, Suite 300
National Harbor, MD 20745
Caruso Homes “Build on Your Lot”
2120 Baldwin Avenue, Suite 200, Crofton, MD 21114
Mortgage Banking Consultant
Maryland Retail Mortgage Administration
NMLS ID: #1039708
First National Bank Corp.
1000 Bestgate Rd. Suite 200
Annapolis, MD. 21401