How To Get A VA Loan If You Have Had A Foreclosure, Or Bankruptcy…

Good Morning!

I hope you're having a good week so far!

I want to go over the VA guidelines for Foreclosure, and Bankruptcy.

Here ya go…

VA
Short Sale Deed-In-Lieu of Foreclosure Foreclosure	2 years from completion date If extenuating circumstances exist – 12 months from completion date with re-established credit Note: If the occurrence was on a VA loan, the veteran may not have full entitlement available for the new loan Jumbo: 7 years from completion date
Bankruptcy: Chapter 7 or 11	2 years from discharge or dismissal date Note: If bankruptcy was result of a business failure, provide evidence that; Applicant obtained permanent position after business failure No derogatory credit prior to self employment No derogatory credit subsequent to bankruptcy Jumbo: 7 years from dismissal or discharge date If extenuating circumstances exist – 12 months from discharge or dismissal date with re-established credit
Bankruptcy: Chapter 13	2 years from discharge or dismissal date A minimum of 12 months of payments have been made, all payments have been paid satisfactorily and Trustee or Bankruptcy Judge has approved Jumbo: 7 years from dismissal or discharge date

That’s it for today.
Thanks for reading!

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