VA Loans & Derogatory item Waiting Periods Part IIIof the series...
By Endre Barath, Jr., Realtor - Los Angeles Home Sales 310.486.1002
(Berkshire Hathaway HomeServices California Properties)
VA Loans and Derogatory Item Waiting Periods for Borrowers Part Three of the series I have written a couple posts previously about Conventional Loans and the waiting periods as well as the details, that it entails to have a clean slate. Needless to say VA Loans have different Waiting Periods:If a borrower had a Bankruptcy Chapter 7 the Waiting period is 2 years from the Bankruptcy Discharge date. Just like other loans the borrower must have reestablished credit history.If the borrower had a Bankruptcy Chapter 13 then the waiting period is one year from the Bankruptcy date, provided the borrower has a re-established credit history and extenuating circumstances. The lender is required to include Bankruptcy payback payments into the Debt Ratios. In addition, the borrower must obtain court ...
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