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bankruptcy

Published 08/03/2012 03:24 PM   |    Updated 06/27/2017 08:08 AM
Can I get a VA loan if I have had a bankruptcy in the last few years?
The fact you and/or your spouse have been adjudicated bankrupt does not in itself disqualify you for a VA home loan. The following rules apply:

If the bankruptcy was discharged more than 2 years ago, it may be disregarded
If the bankruptcy was discharged within the last 1 to 2 years, it is probably not possible to determine that you and/or your spouse are a satisfactory credit risk unless both of the following requirements are met:
you and/or your spouse have reestablished satisfactory credit, and
the bankruptcy was caused by circumstances beyond your and/or your spouses control (such as unemployment, medical bills, etc.)
If the bankruptcy was discharged within the past 12 months, it will not generally be possible to determine that you and/or your spouse are satisfactory credit risks.