Bankruptcy Va Loan
home loan question?
I filed bankruptcy after my husband died and our house went into foreclosure. That was 2 years ago. I have a credit score of 589. Do you think I could qualify for a home loan? I am also eligible for a va loan.
It depends on your down payment. If you need a 100% loan through conventional financing the odds are not good.
However, if you have a 35-40% down payment, it is easier to get a loan but the interest rate is going to be really high (in the low teens)
You might want to check out a VA loan. They are a little more forgiving but you still have to demonstrate the ability to repay the loan.
Finally, why is your credit score only 589? Having credit lates after a bankruptcy is like the kiss of death for mortgage loans. It shows that your problems haven’t been fixed.
Va Home Loan Guidelines For Bankruptcy And Foreclosures
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