bankruptcy: VA Loan Seasoning Periods Following Short Sales, Foreclosures, and Bankruptcy
- 04/24/12 11:44 PM
In response to a blog post about VA loan seasoning periods, a reader asks, “So how do we know if we will have to wait two or three years?” This question references a minimum two-year seasoning period before a borrower can apply for a new VA home loan after a bankruptcy filing, short sale, or foreclosure. This two year wait is only negotiable in cases of Chapter 13 bankruptcies. We cover the difference between Chapter 7 and Chapter 13 in a different blog post, but VA loan rules basically state that a borrower could be allowed to apply for a new … (1 comments)
bankruptcy: VA Loan Reader Question: Waiver of Seasoning Period For Chapter 7 Bankruptcy?
- 04/17/12 12:03 AM
A recent reader comment with the subject line, “Waiver of two year wait for bankruptcy” includes the following: “I have had two VA loans and never had a foreclosure or missed payments. I have a Chapter 7 bankruptcy discharged Dec 12, 2010. My mortgage was included in the bankruptcy but I continued to make the payments until I sold the house. I want to again purchase a house using the VA. I am retired military and social security with an annual income of $70K.” While there’s no question directly asked here, it’s implied that the reader seeks a waiver for the … (0 comments)
bankruptcy: Does Bankruptcy Ruin My Chances for a VA Home Loan?
- 08/02/10 03:05 AM
Plenty of people wonder about how filing bankruptcy could affect a future VA home loan application. I’m sure just as many assume that a bankruptcy filing could ruin chances at buying a home, whether with a VA loan or not. What’s the reality? According to the Department of Veterans Affairs, the mere fact that an applicant has bankruptcy proceedings in their credit record does NOT automatically disqualify them from a VA loan. The VA counsels lenders to examine the two most important issues connected to bankruptcy—the reasons why the applicant filed and the type of bankruptcy. The first point of confusion … (0 comments)
In response to a blog post about VA loan seasoning periods, a reader asks, “So how do we know if we will have to wait two or three years?”
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