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Can I qualify for a VA loan after declaring bankruptcy?

by kennyvet613 from San Diego, California. Jun 19th 2018 Reply


Madeline Lam (Madeline Lam)
#155 ranked lender in California - 3 contributions

For Chapter 7 the bankruptcy must be discharged or dismissed 2 years prior to application.For Chapter 13 the bankruptcy must be discharged or dismissed prior to applicationWarm RegardsMadeline Lam

Jun 19th 2018
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Hans Bruhner (Hans Bruhner)
#129 ranked lender in California - 107 contributions

The answer is YES! You need to wait for 2 years after the discharge of a Chapter 7 and we can help you get a VA loan even if you are actively in a Chapter 13 BK or if it was just recently dismissed or discharged. I am a lender in CA and we are a VA DIRECT lender. Happy to help (866) 385-1650

Jun 19th 2018
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John Burke (jburke)
#30 ranked lender in Texas - 200 contributions

Hi Kennyvet613,Thank you for your service. Yes, with some caveats.Did you include a mortgage in the BK & if so, was it VA or FHA? If you did include an FHA or VA mortgage then there are a couple of possible issues. If it was an FHA mortgage you will have a hit in the CAIVRS system. If it was VA you will not have full entitlement available to you. VA only requires a 2 year wait from the discharge of a chapter 7 BK unless the BK was the result of extenuating circumstances in which case the wait is 1 year. If you filed a chapter 13 there is no wait. In fact you're eligible during the ch 13 bk. Please feel free to contact me for more information or help. | John Burke | Senior Mortgage Banker | Great Plains Bank | http://www.valoansdoneright.com | (877)228-9069 | Lending in ALL 50 states

Jun 20th 2018
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,486 contributions

More info needed.. specifically, when did you file, which BK did you file (7 or 13) and when was it discharged? All major derogatory credit events have mandatory waiting periods.. for VA, with a BK 7 it's 2 years.. for a BK 13, it must be discharged.. But also understand that there are minimum credit score requirements.. so even if you are past the mandatory waiting period, your credit scores must have improved to the lenders minimum. In all reality, you need to pick up the phone and have a conversation with a professional.. (like myself).. and give them the necessary info to advise you.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

Jun 20th 2018
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Larry Gray (lgray_312_247)
#595 ranked lender in California - 1,139 contributions

I agree that you can qualify for a VA loan while in a chapter 13 providing the judge clears it. Also, whether you had a mortgage loan included in the bankruptcy, as was brought up in one of the excellent comment. I am a member of S F Lions Veterans and do presentations on VA loans, including a VA renovation loan.

Jun 20th 2018
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Larry Gray (lgray_312_247)
#595 ranked lender in California - 1,139 contributions

I was having difficulty with the internet connection in my previous answer. I meant to complete the sentence in response to "if you had included a mortgage loan in the bankruptcy" that it could affect your VA entitlement.

Jun 20th 2018
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