Messk57, Home Buyer in Green Cove Springs, FL

I have a banckruptcy in 08 But have my VA qualification, Can I buy a home or do I need to rent for a while.

Asked by Messk57, Green Cove Springs, FL Fri Oct 21, 2011

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Hi Messk,

VA financing just requires 2 years from a Ch 7 BK discharge, and if it's a Ch 13 BK then even less than that, so being that it was over 2 years ago, it has been sufficient time for you to be able to qualify for a VA mortgage.

However not only does the required amount of time need to pass, you also need to re-establish credit since the BK happened. Proper re-established credit is considered 12 months of on time payments and 3 traditional trade lines, some lenders want 3 trade lines of 12 months each (so you don't always need 3 of 12 each, so ask the lender you are applying with ahead of time). Trade lines that survived a BK, such as a credit card you kept open, a car loan you maintained payments on/didn't include, student loans that you are making payments on that couldn't be included, etc. can count towards the re-established credit.

In addition to the waiting period from the BK and having re-established credit, you also need a qualifying credit score. Most lenders are looking for a 620 or 640 score for their VA loan program.

So you should check out your credit to see where things are at, because if you have enough re-established credit, your score is high enough, and want to buy a home, you should attend a homebuyer education course (may sound lame but it'll help you with budgeting for your new home + VA loan programs see it as a compensating factor to help you get approved) and then talk to a mortgage loan officer (or a few) as far as getting pre-approved.

You should use a good credit monitoring website, such as as well as a reliable source for your FICO scores (which is what us mortgage lenders all use). As a consumer, other than from a mortgage loan officer, you can only get your FICO score from Equifax & TransUnion from as Experian no longer allows consumers to get their actual FICO score.

If you need help with getting pre-approved for a VA mortgage let me know, I do a lot of VA purchases each year and I'd be happy to help.
1 vote Thank Flag Link Sat Oct 22, 2011
The best source of real info in an individual situation is to contact a local lender who does VA loans in your area (your agent will know a good one). There are many factors besides credit history and scores which have to be considered. Of course, if you CAN qualify, with record low rates and soft prices, this would be the time to buy. If you don't have a good agent already, contact me and I'll introduce you to a great agent in Green Cove Springs.

Good luck,

Doc Stephens, REALTOR
1 vote Thank Flag Link Fri Oct 21, 2011
0 votes Thank Flag Link Fri Oct 21, 2011
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