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I'm moving cross-country for my dream job and would like to buy rather than rent.  This is a place I want to set down roots.  I'm past year one of a Chapter 13 bankruptcy, my credit scores are between 680 and 708.  I'll be starting a new job with a decent income but I do have a VA disability check coming in too. I'm a first-time home buyer.  What are my chances of securing a mortgage loan?
asked Jan 3 in Buying a Home by Sue

1 Answer

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Hello Sue, and thank you for your question.

If you get VA disability, it seems as though you'd be eligible for a VA loan. You can be eligible for financing a year after filing Chapter 13, as long as the Bankruptcy Court allows it -- which means your new payment can't adversely affect the amount you pay creditors each month, and you must be making your bankruptcy payments on time. If your bankruptcy also included a foreclosure, you may have to wait two years for eligibility.

It looks, judging from your credit score, that you have successfully bounced back from your bankruptcy. It would also halp your case if you can show that the bankruptcy was due to factors out of your control (for instance, an illness or company-wide layoff), and that the problem is no longer a factor.

I think you have a very good shot from the information you have provided. Good luck and thank you for writing.
answered Jan 3 by GinaPogol (22,130 points)
edited Jan 4 by GinaPogol
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