CONGRATS on your new home!!!!!  I know the VA journey was a long one, but it was well worth it!  Now you can focus on getting it ready for the holidays!!!!! )))

Congrats! Thanks for sharing your journey. I have been on FICO forums for about 3 years, started out with a ghastly score of 478 in my scorewatch when I realized we needed to make some major changes if we ever wanted to buy a home. Today I just sent off our mountain of paperwork to Veterans United with my husband and myself having a middle score around 650. Hopefully we will be closing on our first home in the upcoming months!

How is your journey going? I am asking because of the BK. We have a previous BK in 2005 and one lender told me from her experience we would have to wait until it fell off to get approved even with a 620 score..have you heard anything like that? 

It is probably just that lender. The underwriting criteria that I see most often for a VA loan after a BK is the following:  For a Ch 7 BK 2 years after discharge or 12 months to 23 months for extenuating circumstances.  For a Ch 13 BK you can get financed with a VA loan after you have made 12 months of your BK 13 payments on time and you have trustee permission.

For that lender to say the BK has to fall off your report - that is extremely harsh. Find another lender.

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getting2work wrote:

Congrats! Thanks for sharing your journey. I have been on FICO forums for about 3 years, started out with a ghastly score of 478 in my scorewatch when I realized we needed to make some major changes if we ever wanted to buy a home. Today I just sent off our mountain of paperwork to Veterans United with my husband and myself having a middle score around 650. Hopefully we will be closing on our first home in the upcoming months!

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We have the same scores as you and are going thru Veteran's United.  We applied Nov 6th and got our conditional approval yesterday.   All we have to do now is wait for the appraisal to come back.  We should be closing by Dec 21st.  hope things are going well for you as well!

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StartingOver10 wrote:

It is probably just that lender. The underwriting criteria that I see most often for a VA loan after a BK is the following:  For a Ch 7 BK 2 years after discharge or 12 months to 23 months for extenuating circumstances.  For a Ch 13 BK you can get financed with a VA loan after you have made 12 months of your BK 13 payments on time and you have trustee permission.

 

For that lender to say the BK has to fall off your report - that is extremely harsh. Find another lender.

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totally agree!

Thanks for your response I am just now getting ready to start this process...my BK was discharged in 2005 but I have had some  (3 neg items on my credit ) since then, I have paid them. Our median credit scores are right at about 630. I am hoping we are able to secure a mortgage.