How soon can you qualify for a VA loan after a bankruptcy?. Applying for a mortgage after Bankruptcy or in a Consumer Proposal
How soon can you qualify for a VA loan after a bankruptcy? video duration 3 Minute(s) , published by Metroplex Mortgage Services on 23 08 2019 - 19:21:05.
https://www.mplx.org/blog/how-soon-can-you-qualify-for-a-va-loan-after-a-bankruptcy/#.XWCpEehKjEg How soon can you qualify for a VA loan after a The moment you file for bankruptcy relief (including an emergency petition) an automatic stay goes into effect that prohibits your lender from going forward with .
. Its imperative to "walk the line" after bankruptcy
especially when applying for a mortgage It's a scenario that has many wondering if getting a mortgage is even possible
In most cases, it is possible
Let's examine where you are at today and I'll start .
https://www.mplx.org/blog/how-soon-can-you-qualify-for-a-va-loan-after-a-bankruptcy/#.XWCpEehKjEg
How soon can you qualify for a VA loan after a bankruptcy in Florida? How Soon Can You Qualify for a VA Loan after a Chapter 7 or Chapter 13 Bankruptcy?
The answer may surprise you!
Today’s video tip will cover the details on how qualifying for a VA loan after bankruptcy can be possible and discuss when possible exceptions may apply.after a previous bankruptcy.
However, if you have a qualifying question or a transaction that is experiencing trouble, remember that I started Metroplex way back in 2001, so let our experience be a resource for you and take advantage of our Free Second Opinion Service (“SOS”) which can be a great way to help keep your mortgage approval headed in the right direction!
What will VA loan guidelines allow for qualifying after a Chapter 7 Bankruptcy?
Chapter 7 Bankruptcies discharged more than two years ago may be disregarded
If the bankruptcy was discharged within the last 1 to 2 years, it is probably not possible to determine that the applicant or spouse is a satisfactory credit risk unless both of the following requirements are met:
The applicant or spouse has obtained consumer items on credit subsequent to the bankruptcy and has satisfactorily made the payments over a continued period, and
The bankruptcy was caused by circumstances beyond the control of the applicant or spouse such as unemployment, prolonged strikes, medical bills not covered by insurance, and so on, and the circumstances are verified. Divorce is not generally viewed as beyond the control of the borrower and/or spouse.
Please note that additional factors can contribute towards granting an exception to the 2 year policy, but any and all factors considered would have to be reviewed on a case by case scenario prior to approval. Borrowers discharged for less than a year will not generally be accepted as a satisfactory credit risk.
How can you qualify for a VA loan with a Chapter 13 Bankruptcy?
A. For Chapter 13 Bankruptcies that are still in progress:
The applicant must document at least one year into the payout plan has elapsed along with satisfactory payment history
The applicant must obtain court permission to enter into the new mortgage
When the bankruptcy is still in repayment, the Chapter 13 payment will be counted in the debt ratios
B. Once the borrower has satisfactorily completed the repayment, the borrower is considered to have re-established credit
As you can see, the type of bankruptcy can drastically impacts VA loan eligibility and the required waiting period.
Today’s topic was just another tip on how to maximize the VA loan program and help our eligible service members into homeownership.
At Metroplex Mortgage Services we thank you all of our brave men and women fighting for our freedoms each and every day!
Whether it be FHA, VA, USDA, or Conventional - Just call or email to discuss your scenario and let us show you the “Metroplex” difference.
800-806-9836 Ext. 280
SeanS@MPLX.org
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