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VA Loan Bankruptcy Seasoning Requirements

Don’t let bankruptcy stop you from getting a VA home loan.

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The Veteran’s Administration for VA loan bankruptcy seasoning requirements are much more lenient than conventional and FHA loans. If you have filed bankruptcy, there are specific guidelines for each chapter of the bankruptcy code below.

Chapter 7 Bankruptcy

Chapter 7 bankruptcy is where the debtor is no longer financially able to repay debts owed to creditors. Service-members who have filed for a Chapter 7 bankruptcy must wait two years from the discharge date to meet the VA loan bankruptcy requirements.

Depending on the circumstances under which a National Guard member, Reservists or veteran filed for Chapter 7 bankruptcy, an exception may be made for bankruptcies which have only been discharged one year or more.

If you have mortgage debt that was associated with your Chapter 7 bankruptcy and still retain ownership in that property, you must provide documentation that the debt was reaffirmed. If you still retain ownership of that property, but did not reaffirm the mortgage debt, you are not eligible for a VA home loan.

Chapter 13 Bankruptcy

If you filed for Chapter 13 bankruptcy and are currently making payments, you can still qualify for a VA loan. Air or Army National Guard members who are making monthly payments must have permission from their bankruptcy trustee, at least twelve months of good payment history and reestablished credit. If your Chapter 13 bankruptcy has been paid in full, you can apply for a VA loan now.

Dismissed Bankruptcy

If you filed for bankruptcy and it was denied by a judge, you must wait two years before applying for a VA home loan. The denial date for your bankruptcy filing by a judge is used as the discharge date.

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