Chances of VA Home Loan Approval

[pghguy]

Hi Everyone,

My husband and I are thinking of buying a new home.  We had several years of bad luck due to the fact that I lost a business.  We had to file a chapter 7, but that was 6 years ago.  In the meantime we had some more debt, but all of our credit cards have since been paid off.  We did have a late payment or two over a year ago.  ince then all payments were on time and now all credit cards are paid off.  I do have student loans, because I went back to school after I lost my business.  

We make $90,000  have only the student loan payment of $399 and a vehicle lease of $409.  Our credit scores are around 650.

What do you think our chances of getting approved are and how much do you think they would approve us for?

Thanks in advance!

[BrianB_The_Loan_Professor]

Since the last 12 months have been clean you have a good chance - any negative after a bk 7 is frowned upon but not necesarilly a deal killer

You may get a refer when your loan officer runs the file through automated underwriting

this just means they will be tighter and make you stick to the posted terms for things like debt to income - (search manual underwrite)

If it comes back approve you should be fine - 

Your scores and income/debt look fine -

You really wont know until you try

Good Luck 

B

[vinblastine]

Your chances of getting the loan are good. I had a BK discharged in 2010 and I got a loan approved by Chase in 2013. I am in the process of refinancing to a 30 yr Fixed VA loan at 3%. The lender credit is $2394 and my net cost will be 2K which will be rolled into the new loan. If anyone wants my Bank info contact me, I'm sure my loan officer would love the business. I just FEDEX the loan papers back, the next step will be the Notary stopping by the house and signing the papers. 

[pghguy]

Thanks, I was worried how those late payments after bankruptcy would affect us.  I have been religious about paying on time the last year.  

[SSH0126]

Did you ever get approved? op