How long do I have to wait after bankruptcy to get a VA Loan?

Many borrowers often wonder how long they have to wait in order to obtain VA Financing after bankruptcy. Many people who file for bankruptcy are under the impression that they are no longer eligible for any type of VA Loan. Bankruptcy and your ability to qualify for a conventional loan are damaged, but not your ability to qualify for a VA Loan.

Chapter 7 Bankruptcy

If you file for this form of bankruptcy in order to liquidate your assets, you must wait at least two years before you can reapply for VA Financing. Keep in mind that the two years begins upon discharge of the bankruptcy, and not the date of actually filing for bankruptcy protection.

Chapter 13 Bankruptcy

If you file for this form of bankruptcy, you are actually consolidating all your debt into one affordable monthly payment. The waiting period for this type of loan repayment plan is one year, and again, is contingent on the actual discharge date. Remember to obtain permission from your trustee if you plan on applying for VA Financing. One other thing to keep in mind; although you have filed for bankruptcy but did not meet your payment obligation, then you are ineligible for any type of VA Loan Financing. A proven track record is the key to obtaining a loan after bankruptcy has been discharged.

Looking to MortgageDepot for Help

We are a leading mortgage institution in the state of New York. We help you find a way to qualify for VA Loans even if you are struggling with meeting your repayment obligation. Our network of lenders are willing to help with providing you a Veterans Administration loan that works within the guidelines of your bankruptcy. Seek out the guidance from our loan professionals.