VA loan after bankruptcy
I have a friend who was in the military and is planning on filing bankruptcy and then using a VA loan to buy a home. Is this possible without waiting the standard 7 years? I'd hate to see him stuck as a renter for so long when his debt is so small and he could potentially fix his situation in a year.
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- Realtor
- Oakland, CA and a Real Estate Investor with Multi-Family Units and a Self Storage Facility
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Will he be able to get a VA Loan if he files a BK? Yes................But it will be a while.
Will a Landlord rent to him if he has a BK on his record from within the last 2 years? Some will find it a plus because it means he is debt free for the forseeable future.
Question is....if he can work hard and pay it off within a year why in the world would he do a BK because he will most certainly pay a higher interest rate......on everything.....Why not just work hard.....put that car to use and do a side hustle with Uber. Lyft, Postmates, Grubhub, etc. and earn that extra money and pay everything off instead of BKing.