VA loan 14 months after a chapter 7 bankrupcy with exception

Dear1931FORD -- Honestly - Your SOL if you know what I mean. That last two letters stand for out of luck. However - Allow me to give the long answer as well. While credit history is certainly an important consideration for VA loan eligibility, borrowers with low credit scores, poor credit history, and even bankruptcy can still gain approval for a VA loan. While individuals who have filed bankruptcy are generally not satisfactory candidates, there are things that can be done to qualify for a loan.The VA loan qualification guidelines for individuals with a bankruptcy vary depending on a Chapter 7 or Chapter 13 bankruptcy. With a Chapter 7, the VA requires that an individual must wait no less than two years from the discharge date of the bankruptcy before qualifying for loan approval. Additionally, the individual must provide a full explanation of the Chapter 7 bankruptcy and have re-established good credit. Proof of job stability will also be necessary for approval.With a Chapter 13 bankruptcy, the guidelines vary slightly. An individual may still receive approval for a VA loan even while still paying on their Chapter 13 bankruptcy. The borrower simply must have made their payments on time for at least one year. In order to verify this, the court trustee must give written approval before the loan can be approved. Like the Chapter 7 bankruptcy, a full explanation of the bankruptcy is required in addition to re-establishing good credit and proving job stability.While individuals with a history of bankruptcy are not prime candidates for VA loan approval, they can still prove their capability to repay their VA loan and gain approval. It is important for individuals who qualify for VA loans through their VA benefits take the necessary steps to be able to take full advantage of these benefits to which they are entitled.Your Pal -- Andrew Alfonso - 800 813 3291

VA requires 24 months from the date of discharge and reestablished credit. The fact that you are retired now helps with the stable income requirements. Start now with a local Mortgage Banker/Broker. He will be able to identify what things you need to fix on your credit. If you are like most, there will be a lot of clean-up you will need to do. Once that is done, you should be close to being ready and then only need to wait the additional couple of months to close escrow. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

You just need 24mo. seasoning from the discharge date of the BK. If that was 14 months ago you'll just need to wait only 10 more months.

The reason you can't find an underwriter willing to make the exception is that your situation, as terrible as it was, is not the kind of exception VA is willing to make. Had one of the borrowers been involved in a medical emergency that resulted in a bankruptcy/foreclosure, maybe, but loss of a job is not the kind of extenuating circumstances VA considers, sorry. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ Licensed in California and Arizona ~ NMLS 40586 ~ www.LoansA2z.com ~ 888-889-9950