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I hve been told that the two year rule after chapter 7 BK can be waived for hardship. Anyone know a lender who actually done it?

My lender reported credit score now 665. with good income and low debt ratio.I am also a service connected disabled veteran. by psyguyroy10084 from Pollock Pines, California. Jan 29th 2016 Reply


Lorne Harvey (lorneharvey)
#81 ranked lender in Washington - 419 contributions

If you can document that the BK was out of your control, then you may have a chance of getting this exception granted. For example, a job layoff, medical situation, etc.Let me know if we can help.Thank you

Jan 29th 2016
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,041 contributions

Much more info required to answer your question, but in general... For VA financing, the wait is 2 years, and there is an exception for less that 2 years if you meet certain extenuating circumstances, however, very, very few lenders allow for this exception. The only acceptable extenuating circumstances for VA is loss of employment, prolonged strikes, increased medical bills, or increased insurance costs. Your Bk must be related to the extenuating circumstances and it must be documented (sometimes, very difficult to do). FHA has the "Back to Work" program that allows you to purchase 1 year out of a BK, foreclosure or short sale. This might be the better loan to apply for right now... with this program, you only need to document that you had at least a 20% reduction income... The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. 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

Jan 29th 2016
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