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Good Morning, We have a Ch.13 filed Jan 2011 approved Aug.2011 Sheriff/foreclosure Aug. 2011 our credit scores are above 630 and w

we established good credit. We meet Department of Veterans Affairs guidelines which are 1yr. wait Ch.13 no late payments . Foreclosure 2yr. wait period and credit scores need to be 620 & above. Do you have the same guidelines or a little different we are looking to purchase a home in Oct.2011 by normeo835 from , . Jul 10th 2013 Reply


Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,784 contributions

You have two issues... The foreclosure and the bankruptcy. VA rules require a minimum wait period of at least 2-years after the Sheriff Sale date, and at least two-years after the bankruptcy discharge date. With a Chapter 13, you can potentially get approved if you've had at least one year of on time and successful payments on the debt. For both of those items, VA also allows for an approval between 1 - 2 years if the issues were caused by ACCEPTABLE extenuating circumstances. In 22-years, I have never seen an extenuating circumstance request approved, so it appears your earliest time is November 2013 for a VA loan. Most other loans will require at least three years after the foreclosure.

Jul 10th 2013
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Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions

Most lenders will require three years from date title was taken out of your name not date of foreclosure, regardless of what the VA,FHA or Conventional guidelines say.

Jul 10th 2013
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Kimberly Lawson (kilawson)
#55 ranked lender in Ohio - 150 contributions

Hi, Joe Metzler is absolutely right. I know it's not fun when people say conflicting things but, I can confirm that Joe has spelled out exactly how your profile would be viewed. The only other thing I could add is that while we're looking for the sherriff's sale date --- what we are actually looking for is proof that the deed has transferred out of your name and dates. That is at least what all of my resources look for and most of us, we all use the same outside resources (beyond our own in-house lending). If I can answer any other questions I'd be happy to help. Regards, Kim Lawson, Ohio Licensed Mortgage Loan Originator. Licensing and contact information can be found on my profile.

Jul 10th 2013
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Seth Jacobs (MaineMortgageBanker)
#6 ranked lender in Maine - 116 contributions

The BK and foreclosure are separate issues, but when the foreclosure occurs as part of the BK process lenders can start the clock with the BK discharge date and disregard the foreclosure date.

Jul 10th 2013
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