Chapter 7

2+ years since discharged and with established credit usually meets VA guidelines.  If you are applying and it’s been over 12 months, but under 2 years you “may” be considered for an exception.  The exception will be based of the reason for the BK.  Your reason would need to be reviewed by an underwriter to see if the exception is granted.  In most cases if the BK was discharged within the last 12 months it will generally not be possible to determine a satisfactory credit risk.  You will want to explain the situation to see if an exception can be granted.

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