I want to go over the VA guidelines for Foreclosure, and Bankruptcy.
VA
Short Sale
Deed-In-Lieu of Foreclosure
Foreclosure:
2 years from completion date
If extenuating circumstances exist – 12 months from completion date with re-established credit
Note: If the occurrence was on a VA loan, the veteran may not have full entitlement available for the new loan.
Bankruptcy Chapter 7 or 11:
2 years from discharge or dismissal date
Note: If bankruptcy was result of a business failure, provide evidence that;
Applicant obtained permanent position after business failure
No derogatory credit prior to self employment
No derogatory credit subsequent to bankruptcy
Bankruptcy Chapter 13:
2 years from discharge or dismissal date
A minimum of 12 months of payments have been made, all payments have been paid satisfactorily and Trustee or Bankruptcy Judge has approved
That’s it for today.
Thanks for reading!
Brett
If you are thinking about buying a house, but you aren’t really sure if it’s…
Here is a breakdown of the maximum seller help amounts by loan program… Program: Conventional…
Your property tax bill usually comes out in late November, or early December. There are…
If you want to acquire rental properties, but you are having issues proving your income…
If you receive money from the State or a County sponsored organization for providing foster…
FHA gift questions come up often. I wanted to give you the rules on FHA…
