Financing in 19015>Question Details

Meme33, Renter in 19015

As of November 2010, I have a discharged chapter 7 bankruptcy and am looking to purchase a home next year. Is this possible with a VA loan?

Asked by Meme33, 19015 Fri Feb 18, 2011

My fiance, soon to be husband has a guaranteed VA loan and we would be purchasing our first home. With me having a Chapter 7 bankruptcy, is it still possible to get a mortgage?

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Hi Meme33,

BG is right about your soon to be husband buying under his name only and adding you to the deed later.

Your BK will need to be discharged for 2 years before you're eligible to be on a VA loan. You'll also need to re-establish your credit and keep it clean going forward.

Congrats and good luck!
2 votes Thank Flag Link Tue Mar 22, 2011
Your best bet is for both of you to sit down with a mortgage professional so that you can go over all your options. Most often, in these cases, the person without the good credit is excluded from the mortgage. There are many great mortgage professionals in Delaware County that can help you with this. Don't be afraid to call and ask questions. Best of luck!
1 vote Thank Flag Link Wed Mar 23, 2011
You will probably have to wait three years from the date your bankrutpcy was discharged. You should contact a loan officer in your area to find out how a bankruptcy impacts your ability to qualify for a mortgage.
1 vote Thank Flag Link Fri Feb 18, 2011
You just discharged a bankruptcy and now want to turn around and buy a house? You are kidding right?
0 votes Thank Flag Link Tue Mar 22, 2011
He should buy the house under his own name and before you are married. You can always add your name to the Deed later.
0 votes Thank Flag Link Fri Feb 18, 2011
Mama33 the Chapter 7 bankruptcy will preclude you from being onthe mortgage application for at least 2 years, but your fiance can buy the home he just can't use the income you may be generating. Good Luck
0 votes Thank Flag Link Fri Feb 18, 2011
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