Posted on: 13th Feb, 2008 03:11 pm
Bo has less than a yr chptr 7 bankruptcy, wants a VA loan at the 100% is it possible
Hi Sirod,
Welcome to the forum.
As far as I understand from your post is that the borrower has filed BK 7 less than a year ago - right. Then it may be not possible for him to get approved for a new loan right now. But need a bit more information like his monthly income, Debt to income ratio, credit score to given you a better suggestion.
Feel free to ask if you have any further questions.
Best of luck,
Larry
Welcome to the forum.
As far as I understand from your post is that the borrower has filed BK 7 less than a year ago - right. Then it may be not possible for him to get approved for a new loan right now. But need a bit more information like his monthly income, Debt to income ratio, credit score to given you a better suggestion.
Feel free to ask if you have any further questions.
Best of luck,
Larry
You mean you've filed bankruptcy less than a year ago? Then it will be diffcult for you to get a suitable mortgage. I mean you won't be getting suitable rates and probably you won't get any loan at all now that lenders have tightened the lending rules.
How long will it take you to get a discharge? If you wait for a year after discharge, then you can qualify for FHA loans. But for conventional and VA loans, you will still not get good rates. I think for that you need to wait for 2 years after discharge.
good luck
How long will it take you to get a discharge? If you wait for a year after discharge, then you can qualify for FHA loans. But for conventional and VA loans, you will still not get good rates. I think for that you need to wait for 2 years after discharge.
good luck