I'm Va and CalVet quilified, however I had a Chapter 13 Bk that was discharged in June 08.

Asked by Jb, Hayward, CA Fri May 8, 2009

I'm Va and CalVet quilified, however I had a Chapter 13 Bk that was discharged in June 08. My credit score657. Can I get Financed now, or do I have to wait till after June? Which loan would be better?

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3
, ,
Fri May 8, 2009
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:

• 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.

• 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
business failed
2. There is no derogatory credit information prior to
self-employment
3. There is no derogatory credit information subsequent to
the bankruptcy, and
4. Failure of the business was not due to the applicant’s
misconduct.
0 votes
John Juarez, Agent, Fremont, CA
Fri May 8, 2009
Jb,

Your best option is to talk to a loan professional. Lenders have tightened their standards but they are still looking for good new business. I would be happy to recommend an experienced loan professional to you. This is a person in whom I have confidence. You will get straight answers, not guess work. Contact me directly if you would like this information.

Good luck in any event.
0 votes
blaison samu…, Agent, Santa Clara, CA
Fri May 8, 2009
Jb,

Do you want a good reference for a VA loan agent who can answer all your questions. Let me know, he is one of the good agent I know for Va loan.

Emai me at blaison@blaisonsamuel.com

Blaison
0 votes
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