We have been working hard on cleaning up credit issues for the past 2 years. No lates for over 2 years, a judgment that is 2 years old and paid and satisfied. My husbands score went from 582 to 626 on transunion and 608 to 647 on Equifax, in the past 8 months! My Equifax is 650 up from no score in Jan 2011
My question is we talked to a loan officer who ran a CAIVRS report on my husband and it showed his foreclosure on a fha loan. We were told that because of that we couldn't apply for a VA loan until February 2012. The foreclosure happened in fall 08 but wasn't final until Jan 09. So does the foreclosed loan just "disappear " after 3 years, or do we have to do something to get it removed from the CAIVRS report? As soon as the loan officer ran the report and found the foreclosure which we told him upfront about, it was like he just stopped caring and wouldn't really explain anything to us.
We are hoping to buy late 2012 if we can.
There is nothing you can do to clear a CAIVRS report except to wait until the 3 year mark to reapply for a Government loan.
Thanks for the info. I was prerry sure we couldnt clear it ourselves just didnt know if it automatically cleared at the 3 year mark. So with the CAIVRS clear in Febuary 2012 and with good progress on our credit scores late 2012 will be our goal