buying a home after ch7 discharge fha and VA

[SacMan]

My wife in her name only purchased 2yrs 2 months this past may 2010 our current home... 3% down..

As i understand it VA will allow for purchase after bk after 1 year.. I just discharged this month ch7..

anyone know if the underwriting guide lines have changed?? is 1 yr still correct??

thanks

[hopejones]

We are currently trying for a VA Mortgage. The wait time is 2 years from Ch7 Discharge for VA.

[imoverit]

Any updates on the VA mortgage you were attempting? We are coming up on our 2 year mark and was wondering if there were any success stories or special things that you had to do.

[SacMan]

Not for us, we need to wait since my discharge is so recent.. but it used to be 1 year.. I suspect it's changed to 2 yrs..

[hopejones]

We applied for a VA Loan at 4 different lenders a little over 3 weeks ago.

The first & second lenders turned us down because we are doing a ride thru on our home IIB.

The third approved the loan, but said the underwriter required that we have 30% equity in our IIB Home (we only have 20% so we couldn't accept the loan).

We were pre-approved for a VA Loan by the 4th Lender but are waiting to hear back from the underwriter on what conditions they will give us the loan under. I am keeping my fingers crossed. They're supposed to let us know the conditions later on today.