If you’ve gone through a Chapter 7 bankruptcy, you need to wait at least 4 years after a court discharges or dismisses your bankruptcy to qualify for a conventional loan. Government-backed mortgage loans are a bit more lenient.
Also, can a felon get a VA loan?
For incarcerated veterans, a reduction or loss of benefits is determined by the crime committed and the resulting prison sentence E.G. whether the offense was a felony or misdemeanor. … Veterans who have more than one foreclosure will lose their VA home loan benefit, though this entitlement can be regained.
Also to know is, can you be denied a VA home loan?
How Often Do Underwriters Deny VA Loans? About 15% of VA loan applications get denied, so if your’s isn’t approved, you’re not alone. If you’re denied during the automated underwriting stage, you may be able to seek approval through manual underwriting.
Can you buy a house with bankruptcy on your record?
However, bankruptcy doesn’t have to stop you from buying a home in the future. … AFSA explains that after your bankruptcy has ended, there is no restriction on applying for loans or credit. It’s up to the lender to decide if it will approve your loan application.
If you’re eligible, VA loans are fairly easy to qualify for, since there’s no down payment required, no minimum credit scores, and no maximum limit on how much you can borrow relative to income.
Are There Income Limitations for VA Loans? No, the VA does not limit income for qualifying VA loan borrowers. Other government-guaranteed mortgage programs can set a maximum income amount to qualify for specific loan programs but the VA has no such requirement.
If your VA loan application was denied, it could be because your income levels are too low. The best thing you can do is ask your lender for clarification. They’ll be able to tell you if your income was too low. If so, look for ways to increase your income if at all possible.