How does a prior bankruptcy affect my ability to qualify for a VA loan?

VA guidelines are specific when it dealing with a prior bankruptcy. The http://www.directvaloans.com VA loan FAQ video series addresses the commonly asked question, How does a prior bankruptcy affect my ability to qualify for a VA loan? A VA borrower with a Chapter 7 cannot qualify for a VA mortgage for at least two years from the date the bankruptcy is discharged. The borrower must have re-established satisfactory credit, have qualifying stable income and will need to explain the reason they filed Chapter 7. If the borrower has a Chapter 13 and still pays the debt, they can be considered for a VA loan if payments to the court have been paid consistently for one year. Written approval from a court trustee may be required. For the complete video series and to find more answers to your most commonly asked VA loan questions visit http://www.directvaloans.com/VA-Loan-Questions/Default.aspx.

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