In some instances, filling for bankruptcy may just be the best thing that you can do, given your financial situation. It allows an individual to relieve themselves of from their financial responsibilities in exchange for a few trade-offs. One of those trade offs is having a more difficult time when it comes to acquiring a VA loan to pay for a VA mortgage in Florida. Here is an overview of some things that you can do to heighten the chances that you can acquire a loan for an easy VA mortgage.
In general, you can be approved for a VA mortgage loan, regardless of the fact that you may have bankruptcy in your past credit history. The only thing about it though, is that you have to wait for a specified amount of time before you will can become eligible to receive alone. And during that time period, you need to ensure that you pay everything on time.
Before you begin the process of contacting a VA approved lender, it’s important for you to know that if you filed a chapter 7 bankruptcy, you have to wait for a minimum of two years after the date that you got discharged before they can work with you. Alternatively, if you file for a chapter 13 bankruptcy, you can be eligible in approximately 12 months from the date of filing. During this time period, ensure that you maintain a satisfactory line of credit, and avoid the possibility of making a late payment, because this may make the process acquiring a VA mortgage in Miami, a lot harder and longer.
Avoid Late Payments
One of the biggest obstacles you will face when it comes to acquiring a VA loan in Miami is your credit score. Regardless of how minor it may seem, missing just one payment, can derail your whole efforts. Therefore, besides taking the utmost diligence when it comes to organizing your bills, ensure that you check your credit report so that you can contest any inaccuracies, and try to see how you an reduce your overall expenses so that you are more capable of handling your finances in the future.
Based on the fact that a bankruptcy filing can knock as much as 120-240 points off your score, even if you do maintain your bills, you most likely will need to improve your credit score as well. The lighthouse program in particular, has helped over 2,000 veterans when it comes to repairing their credit scores. They have a team of professional credit consultants that will work with you to create a customized plan that if followed, can help to improve your overall score. They also provide you with an informational resource portal that has a variety of tools and tips that you can utilize in increase your score. Best of all, there services are free.