chapter 7: 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)
chapter 7: 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)
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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