Repossession and VA loan

Tips and Deals Forums Home Mortgage Repossession and VA loan

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    • #227985



      I currently have a repo on my credit that is over two years ago with a balance of 12000 i have had an offer at that time to payoff for 7500. I am trying to get a VA loan in Texas. I have a 650 MyFico mid score. The question is do i need to payoff that balance before applying for a home loan.* I know that the VA only wants a 2 year clean history which i have. I am still within TX statute of limitations. I would like to keep the 7500 which i could probably nego less now. i have 2 others auto loans (35000 and 20000)*that are PIF and 3 CC with a 4000 limit and 0 balance as of 7/25/11 but i do use them. several other CC that were closed and never late. I would like to go with Wells Fargo (WF) I would rather build than buy if those circumstances would be different please let me know.

    • #289968

      It’s true, the VA does get control of properties with VA loan foreclosures. VA foreclosures are offered to the public in the same manner as repossessed HUD and USDA Development homes. If you are interested in one of these foreclosed single family houses, check to see what might be available in your area….

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