In the case of conventional loans with a Chapter 13 bankruptcy, you must wait 4 years from the date of filing and 2 years from the date of discharge before applying for a conventional loan.
Moreover, can I get VA benefits with an OTH discharge?
To receive VA home loan benefits and services, the Veteran’s character of discharge or service must be under other than dishonorable conditions (e.g., honorable, under honorable conditions, general). Generally, there is no character of discharge bar to benefits to Veterans’ Group Life Insurance.
People also ask, can I use VA loan twice?
VA loans are not a one-time benefit; you can use them multiple times so long as you meet eligibility requirements. You can even have multiple VA loans at the same time.
Can you get a VA loan after discharge?
Can I get a VA loan with a general discharge? In most cases, veterans with a General (GEN) discharge automatically meet the discharge requirements for a VA loan. … Generally, veterans who served at least 90 consecutive days are eligible if they were discharged for one of the following reasons: Discharged for hardship.
You may be eligible for a VA loan once you’re 12 months removed from filing for Chapter 13 bankruptcy protection. A prospective borrower may receive approval for a VA home loan while still making payments on their Chapter 13 bankruptcy if they have made their payments on time for at least one year.
“Cases involving other than honorable discharges will usually require further development by VA. … For active duty service members, as long as your discharge was NOT categorized as Dishonorable, you are eligible to apply for VA home loan benefits if you meet the basic requirements for the VA loan program.
Your credit score after a Chapter 13 Bankruptcy discharge will vary. … For most individuals, you can expect to see quite a dip in your overall credit score. This is a common result, when you have any type of bankruptcy attached to your credit report.
To request an entitlement restoration, fill out a Request for a Certificate of Eligibility (VA Form 26-1880) and send it to the VA regional loan center for your state.
As long as you’re still eligible for a VA loan and are able to qualify with a lender, there’s no limit to how many of these mortgages you can take out over the course of your life. In fact, it’s even possible to have more than one VA loan at the same time in certain circumstances.
If you have reduced entitlement and want to know how much you have left, you’ll need to figure out how much of it you’re currently using. Remember that the VA guarantees up to 25% of your loan. To find out how much of your entitlement you’ve used, simply multiply your loan amount by 0.25.
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.
VA Loan Minimum Property Requirements
- Mechanical systems that are safe to operate.
- No signs of leaks in basements and crawl spaces.
- No sign of termites, dry rot, or fungus growth.
- Adequate heating systems.
- Adequate roofing.
- No lead-based paint (must be remediated if it existed in the past)
You have served 181 days of active service during peacetime, OR. You have 6 years of service in the National Guard or Reserves, OR. You are the spouse of a service member who has died in the line of duty or as a result of a service-related disability.
An honorable discharge is by far the most common with over 85 percent of veterans receiving this type of discharge. Veterans with an honorable discharge are entitled to all VA benefits (e.g., disability compensation, educational, healthcare, vocational).