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How long after a bankruptcy do I need to wait to apply for a new VA loan? Discharge dated 8/2014

by chase511 from San Diego, California. Jul 15th 2016 Reply


William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,927 contributions

More info needed.. But typically, VA has a 2 year waiting period after a major derogatory event.. Foreclosure is 2 years, BK 7 is 2 years, and BK 13 is 1 year... Understand that these are VA's guidelines.. but VA does not lend money.. they only insure loan's against default.. the banks, or those with the $$$ will oftentimes add their own rules above what VA calls for.. it's these "Overlay's" that makes lending rules different, one lender to another.. and for most, they will make you wait 3 years if there was a foreclosure.. But without knowing the specifics of your exact scenario, it's hard to advise.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Jul 15th 2016
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Steve McCoole (loanman619@gmail.com)
#961 ranked lender in California - 20 contributions

Assuming your BK was a Chapter 7, it is 2 years after discharge. You can apply now, get the process started and get final approval after your 2 year discharge anniversary.I am local here in San Diego, please let me know if I can be of help.

Jul 15th 2016
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Scott Fix (ScottFix)
#1329 ranked lender in California - 184 contributions

Was a home lost in the bankruptcy and if so, was it also a VA guaranteed property? If so, you may have a few more hurdles than just the BK. You need to find a good, reputable loan professional who knows about the VA lending guidelines as well as your remaining eligibility if a home foreclosure occurred using VA as a guarantor. Additionally, take a long solid look at your credit file prior to getting into a loan. It may be of benefit to see what is on your credit file. Though you had a BK, you may have overlooked debts which landed on your file and are now not subject to discharge. Go to https://www.annualcreditreport.com/index.action Get the free reports and view your file. No credit scores, but it will reveal to you if any debts have lingered on your credit file. For help in scrubbing bad credit, go to http://www.xperiacredit.com/ Call Matthew Mincks for a consultation. For further inquiry, go to http://www.military.com/money/home-ownership/buying-a-house/getting-a-va-loan-after-bankruptcy-or-foreclosure.html Become very familiar with the VA process etc. It will payoff for you in the long run to know the scoop!

Jul 15th 2016
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