Anyone Successful with VA loan after BK...

[imoverit]

I was looking around the VA website and saw they said 2 years from discharge of BK or 1 year with "special circumstances" Has anyone been successful in getting a VA mortgage in the less than 2 year mark?

[seconds]

I wish someone would answer this...I would like to know too if there has been anyone successful to get a VA loan after BK. We have a VA loan now, and I would love to keep the property but we are way over our heads, thus the BK. I want to know my options, and consequences before it's too late.

[DisneyGirl]

Sorry no one has been able to answer this for you. We got a VA loan but we were well past 2 years when we did it. Good luck!

[jenopher]

We are now at 1 year from discharge. Well, a week and half from one year out. Doesn't sound like anyone has been approved in less than 2 years. I thought about trying, but I really think next year is better for us anyway. Hopefully rates stay down and home prices remain steady.

[jwsmartin]

I am in underwriting on an FHA loan 1 year, 2 months out of Chapter 7 BK. We have special circumstances, so we are hoping for the best. Our lender is very hopeful.

I will try to let you know how it goes.

[imoverit]

Please do!

[movingon]

Closing tomorrow on my VA loan; had to wait the 2 years, but it was worth it. $0 down, 100% financed, and 4.875% 30 year loan through Wells Fargo (who I had a couple CCs discharged...go figure!!!).

Nice thing is I learned my lesson; mortgage is an easy $975 a month versus $1675 I had during the BK with my old home. Savings is fat and will stay that way; thanks BK forum for getting me through this 2 year journey!!!

[atlanta1957]

We were able to secure a VA loan just at the 2yr mark after bankruptcy. There were two incidents on our credit report during that period and we were required to write explanations. Keep in mind that you can always call a VA counseling rep (800 number) to help you understand what they are looking for. I would suggest not relying solely on the lender/realtor especially if they are not that familiar with VA loans.

[Crissy327]

Moving on's Va loan

Hey moving on,

Congrats on your new home loan!! I was wondering if you paid any points at closing to get that great rate? I also wondered if you had to come out of pocket with any money at all at closing. We are planning on a VA loan in 6 mo. when our 2 year mark passes. Thanks! Enjoy your new home!