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Buying a Home After a Short Sale with VA? HELP?

Posted by Jason Boykin on August 16, 2011 at 3:11am in Short Sale Discussions

Hello to all,

I completed a short sale on 6/30.  I was never late and it had minimal affect on my credit score.  Today my score is 763. 

 

I applied to buy a home with Wells Fargo and my loan broker is very nervous about the report on my credit which is listed as 'debt paid in full for less than was owed.'  I have two reports like that since I had two mortgages that were shorted.

 

My loan will be a VA loan for $750kish.  I meet all of the income requirements and the house will appraise for over $800k.

 

Anyone have experience with this?  Can Wells Fargo deny my application even though I meet the income and credit score requirements?

 

Thanks,
Jason

 

 

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Replies

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  • Eric Mieles August 28, 2011 at 5:37pm
    Thanks for sharing and the update Jason.
  • Jason Boykin August 26, 2011 at 12:32am

    Update:  Loan is approved.  I actually applied to Navy Federal as a backup and they approved me in 2 days (pending a termite and appraisal) and Wells approved me last night.  Both were 4.25% with no points.

     

     

  • Jeff Payne August 16, 2011 at 6:13am
    SOunds like a conventional loan may be the way to go.  Thanks for the insight

    Shanna McManus said:

    I am actually in the process of buying after doing a short sale 2 years ago. I am going through Wells Fargo for a VA loan and the underwriter said the guidline for VA is 2 years from short sale closing regardless if my payment was late or not. We did not use our VA loan on the property that we sold short. The only way around it is if there was a significant hardship (death of spouse, major illness etc...) I hope that helps :)

     

    Shanna

  • Wendy Rulnick August 16, 2011 at 5:36am
    Shanna - Thank you for participating on the site and sharing your experience to help others.

    Shanna McManus said:

    I am actually in the process of buying after doing a short sale 2 years ago. I am going through Wells Fargo for a VA loan and the underwriter said the guidline for VA is 2 years from short sale closing regardless if my payment was late or not. We did not use our VA loan on the property that we sold short. The only way around it is if there was a significant hardship (death of spouse, major illness etc...) I hope that helps :)

     

    Shanna

  • Shanna McManus August 16, 2011 at 5:24am

    I am actually in the process of buying after doing a short sale 2 years ago. I am going through Wells Fargo for a VA loan and the underwriter said the guidline for VA is 2 years from short sale closing regardless if my payment was late or not. We did not use our VA loan on the property that we sold short. The only way around it is if there was a significant hardship (death of spouse, major illness etc...) I hope that helps :)

     

    Shanna

  • Jeff Payne August 16, 2011 at 5:01am
    I would think that you are at the mercy of the underwriter on this one. Typically Wells Fargo underwriters are not local to you and the loan officer usually does not have much influence over the underwriter.  Keep us informed
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