How long in Arizona do I have to wait before I am eligible for a VA loan with a past - Foreclosure, Short Sale or Bankruptcy in Phoenix AZ? VA loans are a great way to obtain financing with past credit issues in the State of Arizona but it's important to know how long you have to wait before you can become eligible. As a qualified VA mortgage specialist in Arizona I help veterans in Arizona, with past credit issues obtain home financing. We offer low rates and help you get pre-qualified with VA loans here in Arizona. As for waiting periods after credit problems this is what you will be looking at:

How long do I have to wait for a VA loan in Arizona with a Chapter 7 Bankruptcy in Phoenix AZ?

First, a chapter 7 bankruptcy involves a complete discharge of debtors in Arizona or any other state. Once the petition is file and accepted by the court and the BK is finalized the borrower is released from liability from the creditors which is called the discharge. Generally, with a chapter 7 bankruptcy the VA underwriting guidelines require a 2 years waiting period from the discharge date of the bankruptcy before you are eligible for home financing in Phoenix Arizona. There are, however, certain uncontrollable circumstances such as medical conditions or job loss that allow for financing 1 year after the discharge date but these are not only rare but difficult for underwriters to agree with. Be prepared for a 2 year waiting period.

How long do I have to wait for a VA loan in Phoenix Arizona with a Chapter 13 Bankruptcy?

A chapter 13 is different than a chapter 7 when looking to get VA financing in Arizona. A trustee is appointed from the court and a repayment plan is negotiated with a plan payment over a 3-5 year period. A veteran may actually be eligible for a VA mortgage while in the chapter 13 bankruptcy; but will need to have at least made 12 on time payments and have approval for the loan by the court trustee. Also, after the chapter 13 is finished the veteran borrower is eligible immediately. I worked with hundreds of clients in a chapter 13 bankruptcy and this is an excellent program. The biggest challenge when doing this is making sure you have re-established your credit history. Contact me for details on how to do this

How long do I have to wait for a VA loan in Phoenix Arizona with a Foreclosure or Short Sale?

The VA guidelines can vary some from Bank to Bank that with a foreclosure or short sale a veteran usually needs to wait at least 2 years in Arizona. However, with some banks they will require a 3 year period. Currently we offer a mortgage after 2 yeras of a short sale with VA. If the foreclosure or short-sale had a previous VA loan then you will need to make sure that you still have enough eligibility left to qualify for a VA loan. You will also need to re-establish a good credit history for 12 months.

Re-establish Credit History after Bankruptcy, Foreclosure or Short Sale in Phoenix Arizona

How long you will have to wait for a VA loan in Arizona after having a Bankruptcy, Foreclosure or Short Sale can be extended if you have not re-established a new credit history. With Banks tightening guidelines most want to see that you have 3 new trade-lines for the past 12 months showing a good payment history. This can be difficult especially if you have filed for bankruptcy but it can be obtainable so please contact me with how to get new credit in Arizona right away.

Joe Hansen - Your Mortgage Specialist
623-223-1804
joehansen@vipmtginc.com
www.joehansenmortgage.com.