VA mortgage loan limits have changed for California in 2012.   Below are the new VA loan limits for major California cities:

• San Diego: $477,000
• Los Angeles:$621,000
• Orange County: $625,000
• San Francisco: $625,500
• San Jose: $625,500
• East Bay (Contra Costa County, Alameda County): $625,500
• Napa: $460,000
• San Luis Obispo: $457,700
• San Mateo:$625,500
• Santa Barbara:$598,000
• Santa Cruz: $610, 650
• Sonoma:$419,750
• Ventura: $518,650
• Fresno:$417,000
• Bakersfield:$417,000
• Riverside:$417,000
• Sacramento: $417,000
• Redding: $417,000

The above VA loan limits are just for 100% financing.  You CAN go over the above VA loan limits in California with a small down payment.  You just need to put down 25% of the difference between the purchase price and loan limit of your area.  For example, if you want to buy a $800,000 house in Orange County where the VA loan limit is $621,000, you would take ($800,000-$625,000)=$179,000.  Then take $179,000X.25=$44,750.  You would need a $44,750 down to buy a $800,000 house in Orange County with a VA loan.

VA loans can be far superior to other jumbo sized loans because you would not need as much down and you have no monthly mortgage insurance.

If you have any questions about VA home loan s in California don’t hesitate to give us a call at 858-922-7899 or homeloan8@gmail.com.

Best Regards,

Rob Chomentowski

858-922-7899, homeloan8@gmail.com

Sr. Loan Officer (and VA specialist)

There are thousands and thousands of VA eligible homeowners in California that have gone though a short sale in the past few years in California.  The great news for those that are eligible for VA financing is that you only have to wait two years from the date the deed to the property that short sold transfers out of your name.  VA home loan requirements allow you to qualify for a 100% financing VA loan only two years after a short sale.

VA home loan requirements after a short sale also will require you to have good credit following the short sale.   You will want to make sure you do not have any late payments on any credit accounts, collections, judgments or any derogatory credit.  Having a derogatory credit after the short sale may not disqualify you for loan approval, but it helps to not have any.

The first step is to make sure of your VA home loan eligibility after a short sale is to know the date the deed transferred out of your name for the short sale.  If you need me to look this up for you, feel free to email me at homeloan8@gmail.com with the address or call me at 858-922-7899.

Below are some of the current highlights of VA home loans in California:

• VA mortgage loan limits are $625,000 in Los Angeles, Orange County, Anaheim, Santa Ana, San Jose, San Francisco and the rest of the Bay Area.  VA loan limits are $477,000 in San Diego.  Most of the rest of California including Sacramento, Fresno, Bakersfield, Redding, Riverside, San Bernardino, Santa Rosa, etc… have VA loan limits of $417,000.  You can go above these VA loan limits with a small down payment.
• VA home loan requirements only require a two year wait after bankruptcy, foreclosure and short sale
• VA home loan rates are shockingly low right now and have never been this low
• VA home loans are 100% financing with no mortgage insurance
• VA loan guidelines waive the VA funding fee for veterans that receive disability pay

Regards,

Best Regards,

Rob Chomentowski

858-922-7899, homeloan8@gmail.com

Sr. Loan Officer (and VA specialist)

Many potential VA eligible home buyers and home owners that want to refinance may have been unemployed for long periods of time during the current economic times.  The good news is that VA home loan requirements only require you to back on the job for a short period of time before you can apply for a VA home loan in California.  If you have been unemployed for five months, you only have to be back working again for 30 days and you can likely get approved for a VA loan.  If you have been unemployed for more than six months, you have to be back working again for six months before you can get approved for a VA home loan.  VA home loan requirements also require you to be back working in a similar profession that you were working in before the period of unemployment.

So I hope this is good news for those seeking a 100% financing VA loan in California.  Even after long periods of unemployment, in many cases you can apply for a VA home loan fairly quickly after you are working again at a w-2 job.  If you have any questions feel free to call at 858-922-7899 or email me at homeloan8@gmail.com

Below are some of the most up-to-date highlights of VA home loans in California:

• VA loan credit does not have to be perfect.  Give us a call we are experts in analyzing VA borrowers credit scores.
• VA loan refinance can be done up to 100% of the value of your property
• VA home loan rates are at record low levels
• VA mortgage loan limits in California go all the way up to $625,000 with zero down in San Francisco, San Jose, and most of the Bay Area.  Los Angeles and Orange County VA loan limits (Anaheim, Santa Ana) go up to $621,000.  San Diego VA loan limits are $477,000 with zero down.  Much of the rest of California like Fresno, Sacramento, Riverside, San Bernardino, Redding, Bakersfield and more go up to $417,000 with zero down

Best Regards,

Rob Chomentowski

858-922-7899, homeloan8@gmail.com

Sr. Loan Officer (and VA specialist)

VA home loan rates have once again fallen though the floor where they are breaking record loans again.   So if you haven’t yet it could be a great chance to take a look a VA loan refinance to lower your payment and dramatically lower the amount of interest you pay on your mortgage per year.  Here’s a look at some of the different types of VA loan refinance options:

VA IRRRL Streamline Refinance

• This loan is for VA borrowers who already have a VA loan and want to reduce their interest rate
• Income documentation is not required
• In many cases no appraisal required for a VA streamline
• Reduced VA funding fee  of .5% (and of course no VA funding fee if you receive VA disability pay)

VA Standard Refinance

• This VA refinance is for all VA borrowers who are in a VA currently but want to pull cash out, or are not in a VA loan and want to refinance into a VA loan
• So if you have a FHA loan or conventional loan and want to refinance into a VA loan, you would do a standard VA refinance loan
• The standard VA refinance loan requires full income documentation & credit qualification and appraisal
• A full VA funding fee is charged (and of course no VA funding fee if you receive VA disability pay)
• You can go up to 100% loan-to-value of your property

So those are some of the different VA refinance options available for you.  If you have any questions don’t hesitate to call at 858-922-7899 or email me at homeloan8@gmail.com.

Below are some very current up-to-date highlights of VA home loans in California right now:

• VA loan limits in California go up to $625,000 in San Jose, San Francisco, Oakland and most of the Bay Area.   VA loan limits in Los Angeles are $621,000.  VA loan limits in Orange County, Anaheim, and Santa Ana are $621,000.  VA loan limits in San Diego are $477,000.    Most of the rest of the state including Riverside, San Bernardino, Redding, Fresno, Bakersfield, and Sacramento have VA loan limits of $417,000.
• VA loans are zero down without any monthly mortgage insurance
• VA home loan requirements only require two years after a short sale, foreclosure or bankruptcy to apply for a VA home loan

Best Regards,

Rob Chomentowski

858-922-7899, homeloan8@gmail.com

Sr. Loan Officer (and VA specialist)

VA Loan Rates are amazing at the moment and with home prices significantly down from there 2006 peak, buying a home in San Diego with your VA Loan maybe the best decision you make in 2012.

New 2012 VA loan limits for California in have just been published and there have been some substantial changes.  VA loan limits in the state of California range from $417,000 to $625,500 depending on the median home price for each county in California.  These VA loan limits are for 100% financing.  So a VA borrower can get a loan with zero down payment with the following VA loan limits.  A VA borrower can go above these loan limits with a small down payment.   The following list below lists the changes:

• Alameda County:$625,500
• Contra Costa County:$625,500
• Los Angeles County:$621,000
• Marin County:$625,500
• Napa County:$460,000
• Orange County: $621,000
• San Benito County: $625,500
• San Diego County: $477,000
• San Francisco County: $625,500
• San Luis Obispo County: $457,700
• San Mateo County: $625,500
• Santa Barbara: $598,000
• Santa Clara:$625,500
• Santa Cruz County: $610,650
• Sonoma County:$419,750
• Ventura County: $518,650

Again the above VA loan limits for California are only for zero down.  You can go above these loan limits by putting down 25% of the difference between your purchase price and the county VA loan limit.  For example if you wanted to purchase a home in Los Angeles County for $800,000.  You would have to put down $44,750 ($800,000 purchase  MINUS $621,000 LA County loan limit = $179,000 X.25%=$44,750).

These new VA loan limits will be in effect for all VA home loans closing on 1/1/2012 or later.

If you have any questions about these feel free to call me at 858-922-7899 or email homeloan8@gmail.com.

Below are some other highlights of VA home loans in California:

• VA loan interest rates are at all time lows
• VA loan refinance transactions are very simple and can allow you to lower your VA loan rate to market
• VA home loans do not have monthly mortgage insurance
• You can get a VA home loan only 2 years after a foreclosure, bankruptcy or short sale
• VA loan credit does not need to be perfect

Best Regards,

Rob Chomentowski

858-922-7899, homeloan8@gmail.com

Sr. Loan Officer (and VA specialist)

I highly suggest you read the post to see how Admiral Nimitz saw the silver lining in one of America’s darkest hours.

Sunday, December 7th, 1941–Admiral Chester Nimitz was attending a concert in Washington D.C. He was paged and told there was a phone call for him. When he answered the phone, it was President Franklin Delano Roosevelt on the phone. He told Admiral Nimitz that he (Nimitz) would now be the Commander of the Pacific Fleet. Admiral Nimitz flew to Hawaii to assume command of the Pacific Fleet. He landed at Pearl Harbor on Christmas Eve, 1941. There was such a spirit of despair, dejection and defeat–you would have thought the Japanese had already won the war.

Pearl Harbor Dec 7 1941

On Christmas Day, 1941, Adm. Nimitz was given a boat tour of the destruction wrought on Pearl Harbor by the Japanese. Big sunken battleships and navy vessels cluttered the waters every where you looked. As the tour boat returned to dock, the young helmsman of the boat asked, “Well Admiral, what do you think after seeing all this destruction?” Admiral Nimitz’s reply shocked everyone within the sound of his voice. Admiral Nimitz said, “The Japanese made three of the biggest mistakes an attack force could ever make or God was taking care of America. Which do you think it was?”  Shocked and surprised, the young helmsman asked, “What do mean by saying the Japanese made the three biggest mistakes an attack force ever made?”  Nimitz explained. :

Mistake number one: the Japanese attacked on Sunday morning. Nine out of every ten crewmen of those ships were ashore on leave. If those same ships had been lured to sea and been sunk–we would have lost 38,000 men instead of 3,800.

Mistake number two: when the Japanese saw all those battleships lined in a row, they got so carried away sinking those battleships, they never once bombed our dry docks opposite those ships. If they had destroyed our dry docks, we would have had to tow everyone of those ships to America to be repaired. As it is now, the ships are in shallow water and can be raised. One tug can pull them over to the dry docks, and we can have them repaired and at sea by the time we could have towed them to America. And I already have crews ashore anxious to man those ships.

Mistake number three: every drop of fuel in the Pacific theater of war is in top of the ground storage tanks five miles away over that hill. One attack plane could have strafed those tanks and destroyed our fuel supply. That’s why I say the Japanese made three of the biggest mistakes an attack force could make or God was taking care of America.

Admiral Nimitz was able to see a silver lining in a situation and circumstance where everyone else saw only despair and defeatism. President Roosevelt had chosen the right man for the right job.  We desperately needed a leader that could see silver linings in the midst of the clouds of dejection, despair and defeat.

If you had to go through a foreclosure in the past few years there is some great news.  You only have to wait two years to apply for a VA home loan after your prior foreclosure.  They key is to look up the exact date the property deed transferred out of you name on the prior foreclosure, it is from this date that you have to wait two years.  Give us a call at 858-922-7899 or email at homeloan8@gmail.com if you would like us to research the date the property deed transferred out of your name on the foreclosure.

You want to also make sure you do not have any major derogatory credit items on your credit after the foreclosure occurred.    Excessive late payments, collections, charge-offs, etc… after a foreclosure show the underwriter that you have not learned to manage your debt after the foreclosure.   It can help to get your VA loan credit score as high as you can post foreclosure.  It is amazing how fast it can rebound.

It also helps to have some money saved in the bank as cash reserves to qualify for a VA loan after a foreclosure.  This shows the VA loan underwriter that you have a cushion should a job loss or illness occur.

So feel free to give us a call at 858-922-7899 or email at homeloan8@gmail.com if you have any questions or would like to be approved for a VA loan in California.

Best Regards,

Rob Chomentowski

858-922-7899, homeloan8@gmail.com

Sr. Loan Officer (and VA specialist)

This post outlines some of the best highlights of VA home loans in California:

• VA home loans are 100% financing zero down payment
• VA home loan requirements allow for a very high debt-to-income ratio, even higher than FHA and conventional loans
• VA loan limits go up to $1 million with zero down in San Francisco, Oakland and the Bay Area.  VA loan limits in Los Angeles, Orange County, Santa Barbara, Santa Ana, Anaheim go up to $700,000.  San Diego VA loan limits are $546,250.  VA loan limits in many other parts of the state such as Sacramento, Fresno, Santa Rosa, Redding, Bakersfield go up to $417,000 with zero down
• VA loan interest rates are a ALL TIME LOWS
• VA streamline refinance allows you to drop down to the market interest rate and you do not need to provide any income or asset documentation, and many times no appraisal
• VA loan credit does not have to be perfect.  Call us we are experts at assisting veterans and active military with their credit