VA Compromised Sales Short Sale Help

When a veteran gets a VA loan to purchases a home there is a guarantee from the VA on it up to a certain amount. When a borrower who has obtained a VA loan has a property that is underwater and they want to sell they will need to go through the VA short sale program which is called a VA Compromised Sale. A VA Compromised Sale has strict guidelines governed by the VA. One of the most important guidelines is their Minimum Net of 84.05 which was changed from 85.05 towards the end of 2015. The mortgage servicer will send out a VA appraiser to conduct a valuation on the property and when it returns they will want the NET proceeds to the 1st mortgage to be at a minimum of 84.05% of the appraised value.

When it comes to a VA Relocation Assistance, it’s minor. The servicer is authorized to approve $1,500 towards the borrower to relocation but generally this is only approved if the property is occupied and the minimum NET would need to be exceeded by at least $1,500.

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