VA Home Loan and Bankruptcy?

Discussion in 'Credit Talk' started by Jamee25, Jul 17, 2001.

  1. Jamee25

    Jamee25 Well-Known Member

    Have any of you been successful in getting a VA home loan with a prior bankruptcy? If so, how long did you wait and did you get the prime VA rate?

    Our bankruptcy will be two years old in January 2002, we have been speaking with a mortgage company about being approved, finding out our chances, what we need to do, etc... I know we have to wait the full 2 years, so in Feb we are going to try to get qualified. I just wanted to hear any of your experiences if there were any problems because of the BK. The mortgage company says we should be able to get the 7.25 going rate as long as we are 2 yrs out.

    Jamee :)
  2. jsever

    jsever Well-Known Member

    I can't help about the bk but I don't believe you can get pre-qualified for a VA guaranteed loan. At least that's what my bank told me. You have to find a place first.
  3. CCMax

    CCMax Active Member

    You might be okay. I think two years is what they are looking for. For the VA's specific underwriting criteria, go to va's website: Click on the home loans area and you can download the underwriting handbook, a .pdf file. It's under the Lenders and Servicers Section.


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