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Looking for VA Lender with BK 7 experience

Vet2Ret
New Member

Looking for VA Lender with BK 7 experience

Hello All,

I'm looking for an experienced VA lender to work with 6 months prior to my 2 year BK7 post discharge date. I'm trying to be proactive and have everything lined up so that I can shop and close by the summer of next year 2022. Can anyone point me in the right direction?  All websites that I have visited immediately shoot me down as soon as they see that I'm still in that 2 year post discharge window they won't even talk to me. 

Message 1 of 4
3 REPLIES 3
DebtStinks
Established Contributor

Re: Looking for VA Lender with BK 7 experience

Unfortunately, most won't take the time to speak to you.


It's likely because:

1) They can't make money talking to you RIGHT NOW, and most work on some type of commission/incentive basis.

2) Most lenders issue approvals for up to 120 days and you're well outside that window as well.

3) Equally, if not MOST important, government loans are run through an automated underwriting system to get best terms, etc and this system knows your 2 year post discharge date, so even if it approves, it would list that as a condition.

4) When it comes to FICO scoring, the most recent 2 years of history has the greatest impact on your scores...especially when it comes to anything derogatory such as a BK. With that said, you might be glad to wait until that 2 year mark by seeing a decent increase in your MMS (middle mortgage score) which could, in turn, save you thousands of interest on your mortgage.

 

I'm not a mortgage professional, but I hope this has helped.

 

BTW, thank you for your honorable service to our country!

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Total CL - $150700

CH7 BK Filed 8/1/17 Discharged 11/7/17

Scores as of 2/18/21:




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Message 2 of 4
Vet2Ret
New Member

Re: Looking for VA Lender with BK 7 experience


@DebtStinks wrote:

Unfortunately, most won't take the time to speak to you.


It's likely because:

1) They can't make money talking to you RIGHT NOW, and most work on some type of commission/incentive basis.

2) Most lenders issue approvals for up to 120 days and you're well outside that window as well.

3) Equally, if not MOST important, government loans are run through an automated underwriting system to get best terms, etc and this system knows your 2 year post discharge date, so even if it approves, it would list that as a condition.

4) When it comes to FICO scoring, the most recent 2 years of history has the greatest impact on your scores...especially when it comes to anything derogatory such as a BK. With that said, you might be glad to wait until that 2 year mark by seeing a decent increase in your MMS (middle mortgage score) which could, in turn, save you thousands of interest on your mortgage.

 

I'm not a mortgage professional, but I hope this has helped.

 

BTW, thank you for your honorable service to our country!


Yes it did help thank you. The thing is I'm not even trying to get preapproved. I'm simply wanting them to do a soft pull just to look at my credit reports to ensure that I'm on the right track and to get an idea how much I'd qualify for based on my income and DTI. Again I just want to put myself into the best position to make the home buying process easier. Thanks again.

Message 3 of 4
VALoanMaster
Valued Contributor

Re: Looking for VA Lender with BK 7 experience


@Vet2Ret wrote:

Hello All,

I'm looking for an experienced VA lender to work with 6 months prior to my 2 year BK7 post discharge date. I'm trying to be proactive and have everything lined up so that I can shop and close by the summer of next year 2022. Can anyone point me in the right direction?  All websites that I have visited immediately shoot me down as soon as they see that I'm still in that 2 year post discharge window they won't even talk to me. 


Hi Vet2Ret,

 

I do this all the time for clients.

VA Mortgage Expert. Mortgage Banker lending in All 50 States.
VA, FHA, USDA. Jumbo, Conventional.
CAIVRS Expert.
Message 4 of 4
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