I am a veteran and currently a Dept of Defense civilian and received orders to move to my next base in early 2014. My home was underwater so I completed a VA Compromise Salein May 2014, where the VA paid the underwater amount of $68,000 to Wells Fargo to pay my mortgage loan in full. Wells Fargo did not take a loss. My credit report was not affected since the mortgage loan on my credit report is now annotated "paid in full" and "closed" and my score is still 790. I have never missed a mortgage payment or any other bill and only completed the short sale because of job transfer. I have very low debt to income ratios, and a six figure income.
According to VA mortgage rules they will waive the deficiency but I cannot use that $68,000 in VA entitlement for a new home loan in the future until I pay it back. However, I can use any remaining entitlement (combined with cash if necessary) to purchase a new home in the future. My questions are: when can I get another VA home loan using my remaining entitlement? Will I have the 2 year waiting period? Will my VA short sale be reported in CAIVRS even if the defieciency is waived by the VA? Can I apply for a Conventional loan? I'm not considering FHA because of their hefty mortgage insurance.
if there are any VA underwriters out there I'd appreciate your input.
