By Frank Lozano, VA Loan Specialist, DirectVALoan.com
Okay, so I just received this question from a Veteran….”My last VA loan was foreclosed upon. Can I get another VA loan?” An excellent question!
Well, yes, it is possible to get another VA Home Mortgage Loan, but it depends on the foreclosure cost to the bank who lent out the money. You will most likely have reduced entitlement and have to pay the Veterans Administration (VA) back before you are eligible to get your entitlement restored and in place. When the lender bank foreclosed on the loan, the VA had to pay up to cover the losses. And so they took a financial hit. How much was that financial hit? The only practical way to find out is apply for your Certificate of Eligibility to see how much you are now entitled to.
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