Can I use my VA loan after bankruptcy?

Can I use my VA loan after bankruptcy?

You can certainly qualify for a VA loan after bankruptcy, often in a shorter waiting period than you would with a conventional loan. A VA loan after bankruptcy is not a short or easy road. According to credit scoring firm FICO, a bankruptcy can cause your credit score to drop anywhere from 130 to 240 points.

Can you get a VA loan if you were discharged?

You must have at least 90 days on active duty and been discharged under other than dishonorable conditions to qualify for a VA guaranteed home loan. If you served less than 90 days, you may be eligible if discharged for a service connected disability.

What disqualifies you from a VA loan?

Veteran status requires that service members are discharged or released from the military under conditions other than dishonorable. A veteran with a dishonorable discharge will not be eligible to participate in the VA Loan Guaranty program.

Can you get a VA loan with a Chapter 7 bankruptcy?

The VA loan qualification guidelines for individuals with a prior bankruptcy vary depending on the type of bankruptcy. With Chapter 7, the VA requires that an individual wait no less than two years from the bankruptcy discharge date before qualifying for loan approval.

What do you need to know about discharge in bankruptcy?

The bankruptcy discharge varies depending on the type of case a debtor files: chapter 7, 11, 12, or 13. Bankruptcy Basics attempts to answer some basic questions about the discharge available to individual debtors under all four chapters including: What is a discharge in bankruptcy?

Can a mortgage be discharged in a bankruptcy?

Mortgage and Other Secured Debts Will be Discharged. A while back I discussed which debts are dischargeable in bankruptcy. Mortgage debts, and other secured debts–such as those on vehicles–are also dischargeable in bankruptcy in most cases. This means that the obligation to pay on the underlying mortgage…

Can a hardship discharge be used in Chapter 7 bankruptcy?

Such a discharge is available only to a debtor whose failure to complete plan payments is due to circumstances beyond the debtor’s control. The scope of a chapter 13 “hardship discharge” is similar to that in a chapter 7 case with regard to the types of debts that are excepted from the discharge.

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