Bankruptcy Will NOT Keep You From Getting a VA Mortgage
Bankruptcy will NOT keep you from getting a VA mortgage if you meet the following criteria:
Under VA requirements, if you had a Chapter 7 bankruptcy that was
- discharged more than two (2) years prior to the loan application
- or if you had a Chapter 13 bankruptcy and have satisfactorily made at least 12 months worth of payments
- and the Trustee or the bankruptcy judge approves of the new credit, then you may qualify for a VA mortgage with no money down.
You may obtain 100% financing up to 4 times your maximum eligibility – this means that if your eligibility is $104,250, then the maximum VA loan amount with no down payment is $417,000.
You must also meet standard credit requirements and debt-to-income ratios based on your income and other debt obligations.
Want to know more about qualifying for a VA mortgage in the Northern Virginia area? Give me a call at 703.927.4554.