Bankruptcies and Previous Foreclosures

Chapter 7 and Chapter 11 Bankruptcy

Generally, bankruptcies discharge more than 2 years ago may be disregarded.

Chapter 13 Bankruptcy

The lender must document that the applicant has satisfactorily paid on the plan for a t least 12 months and obtain a letter stating that the Trustee or the Bankruptcy Judge approves of the new credit.

Foreclosures and Short Sales

You must wait 2 years from the completion date of the foreclosure to apply for a VA loan.

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