The VA guidelines are very similar to FHA. But they do have a few more examples of extenuating circumstances. This is straight out of the VA handbook:
"If the bankruptcy was discharged within the last 1 to 2 years, it is probably NOT possible to determine that the applicant or spouse is a satisfactory credit risk unless both of the following requirements are met:
â€¢the applicant or spouse has obtained consumer items on credit subsequent to the bankruptcy and has satisfactorily made the payments over a continued period, and
â€¢the bankruptcy was caused by circumstances beyond the control of the applicant or spouse such as unemployment, prolonged strikes, medical bills not covered by insurance, and so on, and the circumstances are verified. Divorce is not generally viewed as beyond the control of the borrower and/or spouse.
So if the reason for your bankruptcy fits one of the above, you may be able to obtain a VA loan. Your best bet is to wait until October of this year. Since you already obtained a car loan, I would advise getting a charge card, if you are able, and use it just once a month to continue re-establishing your credit. Be sure you have no more late payments or collections, and document your rent payments by keeping your cancelled checks.
Senior Loan Originator
I am assuming that your questions is regarding obtaining a mortgage. It depends on what type of bankruptcy you filed. FHA and Fannie Mae have different requirements depending on the type of bankruptcy filing.
If you filed Chapter 7, you will have to wait 24 months from discharge to qualify for FHA financing. Even then, you must have re-established good credit (or chosen not to incur any new credit obligations). It is possible to obtain an FHA mortgage if it has been less than 24 months but more than 12 months since discharge of the Chapter 7 bankruptcy if it was caused by extenuating circumstances beyond your control. Typically, lenders are interpreting this to apply only to the death of a primary wage earner or a serious illness that caused you to be out of work for an extended period of time.
FHA requires at least 1 year of a satisfactory payout period to be completed for Chapter 13 bankruptcies.
The wait is even longer for conventional financing: at least 4 years from discharge of Chapter 7 and 2 years from discharge of Chapter 13.
I hope this helps. If you want further clarification, you can call me at the number below or email me. Our CEO has also written a great article on credit here: http://www.richardhartian.com
Senior Loan originator
Ardain Mortgage Corp
You can purchase a home at any time after a bankruptcy, if you pay cash for the property. If you need a loan to purchase the property, it depends on what type of BK you had. If you had a Chapter, you can obtain a loan within 2 years after the discharged date. If you had a Chapter 13 discharged, you can obtain a loan after a year after the file date. Hope this helps!