UPDATE SEPTEMBER 1, 2016
Can You Get A VA Mortgage With An Open CAIVRS Report?
Yes you can, depending on why you’re in the system.
Call me at (877)228-9069 for more information or help.
If you have applied for a VA Mortgage and had your loan denied because of the CAIVRS report you probably wondered why and what it is.
CAIVRS stands for Credit Alert Interactive Voice Response System. The U.S. Department of Housing and Urban Development maintains this system, which includes federal tax liens and information from governmental agencies like VA, FHA, USDA & SBA to name a few.
For example, Veterans who have yet to settle over-payments on education or disability income may trigger a hit in the CAIVRS system. Perhaps the most common CAIVRS Report issue is tied to defaulted student loans so staying current on federal student loans is critical.
I’ve had several people contact me after getting turned down by other lenders that had filed chapter 7 bankruptcy and included an FHA Mortgage in the bankruptcy.
The bankruptcy isn’t an issue once it has been discharged for 2 years under the VA guidelines for a new VA Mortgage. The problem is when FHA pays a claim, you end up with a CAIVRS Report. Pretty much every VA Mortgage lender out there will tell you there is no way you can get approved for a VA Mortgage until you clear up your CAIVRS Report but the only way to do that is to pay off the claim or wait it out! The wait time will be 36 months from when the claim was paid!
The good news is I can get your VA Mortgage approved & closed even though you have an open CAIVRS Report as long as the CAIVRS Report was the result of an FHA or VA Mortgage being included in a bankruptcy or through foreclosure and it’s been at least 2 years since the discharge or the foreclosure sale!
A new update on the whole situation of including a mortgage in bankruptcy & when you’re eligibility starts. A lot of lenders will tell you that if you stayed in the home & did not make a payment on the mortgage, you are not eligible for a VA Mortgage until 2 years after the bank forecloses on the home! This is NOT what VA requires so it’s a lender overlay. I can go by the discharge date of the BK regardless so don’t let anyone tell you that you have to wait longer.
Here are some reviews from Veterans that I’ve helped get a VA mortgage for a new home with an open CAIVRS hit.
These reviews are not made up testimonials on my own site, these reviews are on my www.Trulia.com & www.Zillow.com profiles.
7/29/2016 at 11:01 PM – ibme2009
CLOSED PURCHASE LOAN.
Excellent experience. We had already lost out on one house due to my husband having a claim in CAIVRS from cosigning his daughter’s FHA loan. I was searching for a solution and I came across John Burke. He answered my phone call (which is a rarity in the mortgage business anyway) and he assured me that he and Great Plains Bank would get the job done. We just closed on our new house on June 22, 2016. I can’t thank John Burke and his staff enough.
7/12/2016 at 3:14 PM – cadj62
CLOSED PURCHASE LOAN.
I can’t say enough good things about John Burke and his team. We had to file chapter 7 in 2012 to get out from under a home that got caught in the housing meltdown and had lost over 60% of it’s value and being faced with my job being relocated to CO. We relocated to CO in 2013 and did the right things after BK such as rebuilding our credit and score and applied for a VA loan after 30 months. At this time we were told we had an open CAIVRS and we were instructed to call the government agency to inquire about the date it was filed. We called only to find out nothing was ever filed therefore there’s no date. It’s considered an “open” CAIVRS which is basically a dead end to this agency. The best they could do is tell us to call the mortgage company that financed the house in NY and ask them why they never filed a claim?? I was about to give up for a year and found John Burke’s name and read the stories from others who struggled with similar situations. I contacted John and he took my application over the phone, he asked for copies of a few things and I had my pre-approval letter the same day. Within two weeks we found the perfect home and had an accepted offer. John and Brittany the processor were awesome. In fact my realtor made a comment that it’s probably the smoothest financial transaction he has been involved in. Today a month after closing, me and my family are enjoying our new home. It’s truly a blessing considering the nightmare we endured in NY. If you have a similar issue contact John Burke he will help you in any way he can.
If you have questions or you want to see how much you qualify for, feel free to call me at (877)228-9069 or fill out the form below.