Posted on: 27th Sep, 2012 10:21 am
i have filed chpt 7, which included my motgage and then did deed in lieu of foreclosure, my discharge will be issued in february and i want to purchase a new home. my credit report does not even list the mortgage. when i give the new lender a copy of the discharge do i also need to give them a copy of thr detailed report of the bankruptcy?i am trying to get prequalified for february. i will use a va loan and my credit score is 640, which qualifies me. the current interest rate is 3.5%. what do i need to know?
thanks for your help
thanks for your help
Hi Need Info,
With the Deed In Lieu, your waiting period on this would be a minimum of 2 years with 20% down, to 7 years with less down. On the chapter 7 bk, it would be 4 year waiting period. VA may have slightly different guidelines, but these guidelines are from Fannie Mae, which is pretty consistent.
With the Deed In Lieu, your waiting period on this would be a minimum of 2 years with 20% down, to 7 years with less down. On the chapter 7 bk, it would be 4 year waiting period. VA may have slightly different guidelines, but these guidelines are from Fannie Mae, which is pretty consistent.
You have to wait for at least 2 years to get approved for a VA loan after the bankruptcy discharge. Your credit score of 640 is fine to get approved for a VA loan.
You have to however fulfill the criteria to get approved for a VA loan. You should have served the armed forces of the country or you should be the spouse of a person who served the armed forces of the country. You have to provide relevant documents which proves that you are a veteran.
The current interest rate of 3.5% is indeed very enticing. But, you can't help. You have to wait at lest 2 years to get approved for the VA loan after bankruptcy discharge.