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
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