VA home loan requirements only require a two year wait after a chapter 7 bankruptcy for active military and veterans to qualify for a VA home loan in California. The wait after a chapter 13 bankruptcy is only 1 year. Many times borrowers VA loan credit score had rebounded to over a 640 score in a short time after a bankruptcy, which is where it needs to be to get a VA loan after bankruptcy.
There are some other important considerations when getting a VA loan after a bankruptcy:
- VA loan requirements state that you generally cannot have any derogatory credit items after your bankruptcy. So you cannot be late or have any major credit issues post bankruptcy
- VA loan guidelines also state that you have to have re-established your credit post bankruptcy. This means you have to have open lines of credit that you are paying on time
- For a Chapter 13 bankruptcy, VA home loan requirements state that you must have not missed a payment in your chapter 13 bankruptcy in the last 12 most and the court must approved your new VA mortgage
- VA loan interest rates are now officially at all time lows, meaning they have NEVER been this loan in the entire history of the United States
- VA loan guidelines waive the VA funding fee for veterans that receive disability pay
- VA loan limits are STILL up to $1 million in San Francisco, San Jose, San Mateo, Oakland, East Bay area. VA loan limits in Los Angeles, Orange County, Anaheim, Santa Ana are $700,000 with zero down. VA loan limits in San Diego are $546,250. VA loan limits in Fresno, Riverside, Sacramento, Redding and many other areas loan limits are $417,000. This is at a time when FHA and conventional loans have reduced their loan limits substantially
Best Regards,
Rob Chomentowski
858-922-7899, homeloan8@gmail.com Sr. Loan Officer (and VA specialist)
Get A VA Loan Two Years After Bankruptcy in California is a post from: VA Home Loans Call Rob 858-922-7899
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