FHA/VA after discharge, questions

[DUMBAGAIN]

Two questions.

1. Is there a time limit after your chapter 13 BK that FHA no longer requires a letter of explanation of your BK? I'm thinking explaining stupidity won't fly! LOL

2. My husband is a veteran, you "might" be able to use a VA to purchase a home after discharge does anyone know if they require an explanation letter as well?

Thanks

[LadyInTheRed]

I don't know about the requirements, but don't let the requirement letter of explanation keep you from applying. Quickly take responsibility for your stupidity and then focus the letter on how much you've learned from your mistakes and your Chap 13 and what you've changed that will prevent you from getting into trouble again. I really have no idea if that will work. But, can it hurt?

[marcer]

Two questions.

1. Is there a time limit after your chapter 13 BK that FHA no longer requires a letter of explanation of your BK? I'm thinking explaining stupidity won't fly! LOL

2. My husband is a veteran, you "might" be able to use a VA to purchase a home after discharge does anyone know if they require an explanation letter as well?

Thanks

You may very well need to explain your bk13 for the next 7 years. Any U/W will require an explanation...and if it was due to just plain stupidity..put that down. U/W's review LOE's all the time. Trust me..they would relish a borrowers honesty in taking responsibility.

VA allows for the greatest of leniency. While they will require a letter of explanation, they do a much better job allowing veterans to use their eligibility when a bankruptcy has occurred