To obtain an FHA loan or a VA home loan after bankruptcy, you must wait two years from the date your Chapter 7 is discharged. You can obtain an FHA loan during a Chapter 13 bankruptcy as long as you have made 12 months of satisfactory Chapter 13 plan payments, but you must have bankruptcy court approval to get the loan.In order to qualify for VA home loan after bankruptcy, you need to provide an explanation for your filing.
the VA handbook says that the waiting period is one year from the discharge date for a chapter 7, and 2 years from a foreclosure, which is one year earlier for both circumstances, than the typical 2 and 3 for FHA loans.
California Veterans with active duty service during World War II (who were not dishonorably discharged) and later periods are eligible for VA loan benefits.
You have more than 6 years of service in the National Guard or reserves.
To qualify for a VA loan, you must have approved credit, earn enough income and get a Certificate of Eligibility.
You served 181 days straight during peacetime.
If you currently receive disability benefits and have not yet closed on your VA loan, your funding fee is waived and you do not have to pay it