I am a 54 yr old 100% disabled vet. My net annual income is 52K (Income is not taxed).Also I live in Oklahoma where I am exempt from sales, motor vehicle, and property taxes. We would like to buy a home but my wife and I are unsure it would be a wise decision. My wife had a battle with cancer and without health insurance we had to file chapter 13 bankruptcy to get out from under the nearly $250,000 medical debt. Our BK was discharged in Jan. 2014. We are aware that we need to wait until Jan 2016 to buy a home. My wife is unable to work and she waited too long to file for SSDI.   I feel now is the time to start getting our ducks in a row. My credit score now ranges from 690-710 across the three bureaus. I am quite sure it will be above 720 before Jan 2016.  The reasons we want to move from the duplex we are renting are varieried but the two main reasons are we do not feel safe in our neighborhood and since the duplex is very small we cannot have all of our children and their families here at the same time. We are trying to decide if finding a larger duplex in a good neighborhood or buying a house would be the best option. I would appreciate some advice.-Thanks


Hi Doug,

First, thank you for your service. I have asked a mortgage specialist to weigh in on your question and will post when I receive the answer. I encourage you to contact our team of Financial Advisors here at USAA so that they can get more details about your financial situation and plans and can offer you more specific advise. They can be reached at 800-771-9960.


Thank you!

I thought I should add some information. We have never bought a home before. I have a VA guarantee available. Our current debt to income ratio is 12%. That's on a car payment and MasterCard. We have about $5,000 in savings.- Thanks

VA is not a strict and you might be able to buy sooner rather later. Also, because you are 100% disabled Vet you are also exempt from the VA funding fee. Great savings for you. I would start by applying so that you can start a plan to get you to be able to buy a home. Thank you for your service. Good luck!


It sounds like they’re doing all the right things to get back into a great place financially. USAA has great advice resources here.


Keep us posted, best of luck!


How long after your discharge did you start seeing an increase in your credit score? Are bk. will be discharged in May 11th of this year and were new to this credit thing as we've always had bad credit due to 5 boys or lack of money. My husband now works for the railroad and I get SSDI which I read your wife missed the deadline to apply I don't believe that's possible however if you'd email me personally at v_urrea@yahoo.com I'd be happy to share my experience in getting my SSDI for myself an children. But now we are making $85k per year and realize its financially smarter to have good credit over paying these astronomical interest rates. How long after your discharge did you start seeing a 620+ fico score?

Vanessa 5906,

My credit score was 580 when I filed for BK. 13 months later my score was in the 680-700 range (different bureaus give different scores). Pay all bills on time and get a secured c.c. and keep your balance less than 20% of your limit. Use it but pay off each month. I also was able to purchase a new car 1 month after discharge but I paid 13.33% interest. I just refinanced it for 3.7% with the same pay-off date and my payments went from $475 to $375.- Good luck.