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Have you had a bankruptcy or foreclosure in your past, and now you want to get a VA loan?
Here is how VA treats bankruptcy and foreclosure...
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
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
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
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