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.


P.S. Thanks to Lewis Corcoran in Brewster, Mass for this information