how long do you have to wait after a chapter 7 that is almost 3 years old to get a VA loan?

Asked by Margaret Murray, Abbeville, LA Sat May 5, 2012

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, ,
Tue May 8, 2012
Daniel, perhaps you should leave the lending answers to the licensed loan officers as your answer was way off. I see that you corrected it after the correct answer was posted. I think it'd have been better to just delete your post as it looks worse to correct it after the right answer is posted without acknowledging you misquoted guidelines.

Margaret, the answer is indeed two years as of when we write these responses for both VA and FHA lending.

If you have specific questions, you can post here or email John or I.

Best of luck to you.
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1 vote
George Spaul…, , 70785
Sat May 12, 2012
The fact that a bankruptcy exists in an applicants (or spouse’s) credit history does not in itself disqualify the loan. A bankruptcy discharged more than 2 years ago may be disregarded. Underwriters look to see that the applicant or spouse has obtained consumer items on credit subsequent to the bankruptcy and has satisfactorily made the payments over a continued period (re-established credit), and
 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 (extenuating circumstances). I have funded many loans where my clients were less than three years out of BK. Visit my website and apply at .
0 votes
, ,
Tue May 8, 2012
@ Daniel,

That's weird cause I close VA loans 2 years after a chapter 7 bk discharge even with a mortgage included in the bk.
0 votes
Daniel, , Baton Rouge, LA
Mon May 7, 2012
good luck finding an investor, ie wells fargo, bank of america etc etc that will accept a loan 24 months after a chapter 7
0 votes
, ,
Mon May 7, 2012
Hi Margaret,

You only need to wait 2 years to be eligible for a VA mortgage after a chapter 7 bk.

Please feel free to contact me directly for more information or help.

John Burke
Senior Mortgage Banker
ENG Lending
0 votes
Daniel, , Baton Rouge, LA
Sun May 6, 2012
5 years after discharge date. possible sooner if you can show that you have had no late payments of ANY KIND, and that you have re-built your credit score to 640 or greater and you have at least 3 lines of credit
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