VA Ch 7 Bankruptcy Rules for Veterans

If you ask the majority of Phoenix mortgage lenders when a veteran can buy using a VA mortgage after a chapter 7 bankruptcy the standard answer you would mostly likely hear is 2 years.  While 2 years is generally the waiting period after a chapter 7 bk, the true answer to that question is that VA looks at each borrower with a chapter 7 bankruptcy in the past 2 years on a case by case basis.  The VA guidebook reads as follows: "The fact that a bankruptcy exists in an applicant’s (or spouse’s) … [Read more...]