Posted on: 06th Apr, 2012 01:06 am
I have applied for a VA loan. Both of us have filed bankruptcy and got a discharge 2 years back. My husband has a credit score of 672. Best part is he has no late payments/collection accounts. Now when we applied for a loan, he asked us to submit various paper works just to get a pre-approval. He also told us that we would need various other paper works at the time of underwriting. As the mortgage will be taken out in his name, I though it is his credit report that needs to be kept clean. Do you have to do that much work after a bankruptcy to obtain a VA loan? Just need some insight.
Hi Kiribati,
It is true that if your husband wants to apply and get a mortgage, his credit report needs to be excellent. The lender had asked for paperworks as you and your husband received a bankruptcy discharge just 2 years back.
What type of bankruptcy did your husband file? If he filed Chapter 7, then he needs to wait for 2 years to get a FHA loan and 4 years to get a conventional loan. If he filed Chapter 13, then he needs to wait for 1 year to get a FHA loan and 2 years to get a conventional loan.
Take care
It is true that if your husband wants to apply and get a mortgage, his credit report needs to be excellent. The lender had asked for paperworks as you and your husband received a bankruptcy discharge just 2 years back.
What type of bankruptcy did your husband file? If he filed Chapter 7, then he needs to wait for 2 years to get a FHA loan and 4 years to get a conventional loan. If he filed Chapter 13, then he needs to wait for 1 year to get a FHA loan and 2 years to get a conventional loan.
Take care
Hi Kiribati,
As there is a bankruptcy mentioned in your and your husband's credit report, the lender is sceptical in giving you the loan. As a result he is asking for such paperworks. There is nothing wrong in this.
As there is a bankruptcy mentioned in your and your husband's credit report, the lender is sceptical in giving you the loan. As a result he is asking for such paperworks. There is nothing wrong in this.