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VA Loan Short Sale Guidelines

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If you have had a VA loan short sale or other type of financing short sale in the past, you can still apply for a new VA home loan. The VA does have a seasoning or waiting period requirement of at least two years. National Guard members, Reservists or veterans who have had a short sale must wait two years from the date the home was purchased by the home’s buyer, not the listing date or contract offer date.

VA Loan Short Sale Documentation

To satisfy or prove the date of the short sale, you must provide a copy of the HUD-1 or Closing Disclosure.  This will provide the necessary proof that you have met the seasoning or waiting period requirement. You should have received a copy of this paperwork at closing. If you currently do not have a copy of your HUD-1 or Closing Disclosure, it should be available from the title company who closed the sale of your home.

A VA loan short sale does not always result in a claim by the lender to the VA for a portion or the entire guarantee fee. However, if one was made by your lender, it will affect your VA loan entitlement amount.

VA Loan Short Sale HUD

A sample Closing Disclosure. This veteran used his VA loan to purchase a home on a short sale. A National Guard member, Reservists or veteran who had a short sale would need to wait two years from the “Disbursement Date” as shown in the lower right corner of this sample.

Buy a Short Sale with a VA Home Loan

Using a VA home loan to buy a short sale is allowed by the Veterans Administration and is very similar to buying a home that is not. Please contact us for more information to help you avoid potential pitfalls.

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