Is there a chance to get approved? VA Loan

[Goeagles1231]

Hello, I am looking to purchase a new house using my VA loan 2nd tier entitlement. My current house is just too small for my family. I do not think we will be able to sell it for what we owe, so we wanted to buy a new house and rent our current house out out. Looking to buy a house around $250-$300K. Was hoping to get one purchased before renting so we would only have to move once. I do not know if this is possible. We have over300k in VA entitlement left. We are also looking for a lender so I would like to hear recommendations. Our current house is through wells fargo and it was modified at the end of 2015. Wells fargo is not showing on my credit report for the modified loan.

Credit:

As of 1/28/19

Equifax: 664

Transunion: 639

Experian: 664

Credit Negatives:If you have any, what negatives are on your credit reports. For each negative, please provide:

• Type: Bankruptcy Chapter 13
• Status: Discharged 1/11/2018

1. Gross Income.  
   
   

• Gross Income = Me-$2530/Month Spouse $4800/Month
• Me- $870 Monthly VA disability
•  

1. Source of income.  Where is the income coming from? List each source.

• Full time employment & VA Disability

1. Monthly debt payments. 
   
   

• Car Notes = $841
• Credit Cards= $80 Month
• Current Mortgage $924 month

1. Location:.
   
   

• Looking to buy in the Dover , DE area

[2IMPROVE1]

Navy Federal Credit Union is great!  If not a member join and go through them.

[VALoanMaster]

Hi Goeagles1231,

Based on the numbers you've provided, you should qualify, from a Debt To Income Ratio stand point, for a new VA mortgage up to $300,000 without renting out your current home.

The bigger concern/question will be your credit & how the current mortgage is reporting. Did you re-affirm your current mortgage?

[Goeagles1231]

I thought in chapter 13 you did not have to reaffirm. We got a modification during the chapter 13. The Wells Fargo mortgage we had before the modification shows closed and included in chapter 13 BK