Hi JB... I hope this helps. I would be happy to meet with you and help you out.
How long does a BK have to be discharged for a 100% VA purchase?
Answer: If any of the included debts are with Wells Fargo or Wachovia, then 7 years. Otherwise, 2 years.
If 1-2 years old, then see below:
Use both of the following credit requirements to determine that the applicant or spouse is a satisfactory credit risk:
â€¢ The applicant and/or spouse have obtained consumer items on credit subsequent to the bankruptcy and has satisfactorily made the payments over a continued period.
â€¢ The bankruptcy was caused by circumstances beyond the control of the applicant (for example, unemployment, prolonged strikes, medical bills not covered by insurance). Divorce is not considered a circumstance beyond control of the applicant and/or spouse. If the bankruptcy was caused by failure of the business of a self-employed applicant, it may be possible to determine that the applicant is a satisfactory credit risk if:
1. The applicant obtained a permanent position after the
2. There is no derogatory credit information prior to
3. There is no derogatory credit information subsequent to
the bankruptcy, and
4. Failure of the business was not due to the applicantâ€™s