To begin, the VA loan process is much less complicated than what people think it is. It is very common for VA loan applicants in states like Hawaii, to get stuck somewhere in the process where they wish they had someone who could guide them properly. The basis of guidance is proper information. One of the most common queries that people have is regarding getting a VA loan after bankruptcy. Yes, foreclosure does affect a person’s ability to get a loan, but just because a person is facing bankruptcy, does not necessarily mean that he is out of the league of prospective loan borrowers.
In cases where borrowers file chapter 13 bankruptcy protection, are eligible for a VA loan just after 12 months from the date of filing. The chief determining factors for Hawaii VA loans, in such cases would be timely payments and satisfactory credit scores.
VA Loan process for bankrupt borrowers
There is no denying the fact that the VA home loans Hawaii process for individuals with a history in bankruptcy is difficult. But there are certain tools and clauses that can help people in recovering from the situation. Chapter 7 and chapter 13 bankruptcy filing protection are the first steps that one needs to take in order to get sanctioned for a VA loan later. In general cases, VA approved lenders generally wait for a minimum of two years, beyond the date of discharge, in case of chapter 7 filing.In cases where borrowers file chapter 13 bankruptcy protection, are eligible for a VA loan just after 12 months from the date of filing. The chief determining factors for Hawaii VA loans, in such cases would be timely payments and satisfactory credit scores.
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