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