It is amazing how quickly you can be back on your feet after a prior short sale and approved for a VA home loan to purchase a new home in California.  We only require one year after a short sale is completed to apply for a VA home loan in California.

The key date to look at to start counting out a year after the short sale, is the date when the deed to the property that was short sold transferred out of your name.  It is 12 months past this date that you can close on a new VA home loan in California.  Don’t hesitate to contact me if you would like us to research this date for you.  We are unique as a mortgage company in that we only need one year to pass after the short sale to get you approved for a new loan.  Most lenders require at least two years to pass.

You want to make sure your credit report has no derogatory items after the short sale or this will hurt your chances of getting approved for a VA loan one year after the short sale.

I hope this is great news for you to hear that you can be back in the market looking for a home to buy with a VA home loan only one year after a short sale.  Don’t hesitate to call 858-922-7899 or email me at homeloan8@gmail.com if you have any questions regarding VA home loans in California.

Regards,

Rob Chomentowski

Sr. Loan Officer (and VA specialist)

Affinity Financial

858-922-7899,

homeloan8@gmail.com

The amazing thing is that VA loan interest rates continue to stay incredibly low as they have been now for many years in a row.  Making it as excellent a time as ever to for any borrower that currently has a VA home loan to look into a streamline refinance.  VA streamline refinance is designed to be very easy and painless for VA borrowers to drop their current rate and save tens of thousands over the life of their loan on interest.  Below are some highlights of VA streamline refinance in California:

• There are no limits to VA loan amounts for VA streamlines in California
• If you are a veteran who receives VA disability pay the VA funding fee is waived
• No income or asset documentation is required for a VA streamline refinance
• Many times no appraisal is required
• In many cases we can pay all of the borrowers closing costs for the VA streamline
• VA loan credit score does not have to be perfect for a VA streamline refinance

I hope this helps you see some of the benefits of a VA streamline refinance to drop your payment substantially.  Feel free to call us at 858-922-7899 or email us at homeloan8@gmail.com if you have any questions about VA financing in California.

Regards,

Rob Chomentowski

Sr. Loan Officer (and VA specialist)

Affinity Financial

858-922-7899,

homeloan8@gmail.com

One of the great things about VA home loans is there is only a two year wait after having a prior foreclosure to be able to apply for a VA loan in California.  So if you had a foreclosure two years ago and you are thinking about buying a new home, if you have VA eligibility you are in luck.

The first thing you should look for is the date the deed to the foreclosed home transferred out of your name.  It is from this date the deed transferred that you begin the two year wait to be able to apply for a VA home loan.  VA home loan requirements only require a two year wait after foreclosure, where other home loans such as FHA require a three year wait and conventional loans require a seven year wait.  If you need help finding this date feel free to give me a call or email and I can look this up for you.

Another thing to make sure is that your credit has been clean after the foreclosure.  You want to make sure you have no late payments or any derogatory credit items after the foreclosure.  VA guidelines do not like to see any credit issues after a major credit event such as a foreclosure.

Your VA loan credit score will have to be 640 to be able to apply for a VA loan after a foreclosure.  Additionally, your debt-to-income ratio will have to be a maximum of 41%.

So I hope this excites you that only two years after a foreclosure you can get back in the market to be a homeowner again with your

VA home loan eligibility.  Don’t hesitate to call 858-922-7899 or email us at homeloan8@gmail.com if you have any questions about getting a VA home loan in California.

Regards,

Rob Chomentowski

Sr. Loan Officer (and VA specialist)

Affinity Financial

858-922-7899,

homeloan8@gmail.com

Additionally, if you did not miss any mortgage payments leading up to short sale, you can get a VA jumbo loan immediately after your short sale.  This won’t apply to most homeowners, as most that have had short sales missed mortgage payments leading up to the short sale to become eligible for the short sale.

So to summarize, most lenders require a 3-7 year wait after a short sale to get a VA loan over $417,000.   But we are the exception and only require two years (and once again there is no wait if you missed no mortgage payments leading up to the short sale).

So I hope that clarify’s the waiting period after a previous short sale to apply for a VA loan over $417,000.   With that said, there are many places in California where a VA borrower can buy a home with zero down way above $417,0o0.  VA loan limits in California go up to $987,500 in San Francisco, Alameda, Contra Costa, San Mateo counties.  VA loan limits in Southern California go up to $668,750 in Orange and LA County, and $500,000 in San Diego County.  A borrower can go above these limits with a small down payment.

I hope this article helps with your understanding of VA jumbo loans after short sale.  Don’t hesitate to call at 858-922-7899 or email at homeloan8@gmail.com if you have any questions.

Regards,

Rob Chomentowski

Sr. Loan Officer (and VA specialist)

Affinity Financial

858-922-7899,

homeloan8@gmail.com

A great aspect of getting a VA home loan in California is that a borrowers VA loan credit score does not have to be perfect.  You can apply for a VA home loan in California even if your credit score is not perfect.  Below is some general information regarding VA home loan requirements and credit scores:

• You can be approved for a VA home loan with a credit score as low as 620.  Even if you score is below this don’t worry.  Give us a call and there are often many things that can be done to quickly raise your score if it’s below 620.
• You can get a VA loan two years after a foreclosure.
• You can get a VA loan two years after a bankruptcy.
• You can get a VA loan two years after a short sale (immediately after a short sale if you didn’t miss any payments in the last 12 months before your short sale)

The two most common ways to raise your VA loan credit score if it is below where it needs to be are:

1. Make sure all your credit cards are paid down to where your current balance is 30% of your credit limit

2. Go through your credit report thoroughly and make sure there a no mistakes on your credit.  Often times a creditor will have reported something as late or reported a collection account that is incorrect.  If you can call up the creditor and have these items removed, it will raise your score immediately.

I hope this article helps you understand VA loan credit scores better and what is required to qualify for a VA home loan in California.  Don’t hesitate to call at 858-922-7899 or email at homeloan8@gmail.com if you have any questions about obtaining a VA home loan in California.

Regards,

Rob Chomentowski

Sr. Loan Officer (and VA specialist)

Affinity Financial

858-922-7899,

homeloan8@gmail.com

VA home loan requirements allow for VA borrowers to refinance up to 100% of the appraised value of their home.  This applies in two circumstances:

1. VA IRRRL streamline refinance (in many cases there is no appraisal with VA streamline refinances, so technically the loan amount in the refinance could go beyond 100% of the property value)

2. Conventional/FHA  to VA refinance loan.  Some VA borrowers may currently have a conventional or FHA loan.  VA home loan requirements allow them to refinance to a VA home loan to where the loan balance can be 100% of the appraised value of their property.

However, on a VA cash out refinance, a VA borrower can only refinance up to 95% of the appraised value of their property.   A cash out refinance is where the borrower walks away with cash in pocket after the refinance.

There are many advantages to the VA streamline IRRRL refinance and the conventional/FHA loan to VA refinance.  First let’s look at the advantages to the VA streamline refinance.

VA Streamline advantages:

• Allows a borrower who already has a VA home loan to drop their interest rate very painlessly and potentially save tens of thousands of dollars in interest payments over time on their mortgage.  
• VA streamline refinances in many cases do not require an appraisal, and always do not require any income or asset documentation from the borrower.  So they are just like their name, very streamlined in nature

Non VA loan to VA loan refinance advantages:

• A borrower may be in a conventional loan but not have 20% equity and want to refinance to a lower interest rate.  Unless you have 20% equity, if you refinance
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  into another conventional loan you will have to have monthly mortgage insurance.  Conventional lending guidelines can also have much more stringent credit and debt-to-income ratio requirements than VA home loans.

• If you are in a FHA loan or conventional loan with monthly mortgage insurance, you may want to refinance into a VA home loan to get rid of the monthly mortgage insurance on your FHA or conventional loan.  VA home loans do not have monthly mortgage insurance, even if the loan is 100% of the property appraised value.
• A borrower may have a first and second mortgage they want to consolidate into one new low interest rate 30 year fixed VA home loan.

I hope this article enlightens you on some of the benefits of refinancing to a VA home loan.  If you have any questions about VA home loans in California, don’t hesitate to call at 858-922-7899 or email us at homeloan8@gmail.com

Regards,

Rob Chomentowski

Sr. Loan Officer (and VA specialist)

Affinity Financial

858-922-7899,

homeloan8@gmail.com

VA mortgage loan limits for California counties have been adjusted for 2013.  Below are the up to date VA loan limits selected counties in California:

• Alameda County: $987,500
• Los Angeles County: $668,750
• Orange County:$668,750
• Santa Cruz County:$668,750
• Monterrey County: $425,000
• Napa County: $521,250
• San Benito:$823,750
• San Diego County: $500,000
• San Luis Obispo County: $481,250
• Santa Barbara County: $593,740
• Santa Clara County: $823,750
• Sonoma County: $448,750
• Ventura County: $546,250
• Contra Costa County: $987,500
• Marin County: $987,500
• San Francisco County: $987,500
• San Mateo County: $987,500

All of the rest of the counties in California have a $417,000 VA loan limit.  That includes counties such as Sacramento, Fresno, Riverside, San Bernardino, Shasta, and more.   VA borrowers can get 100% financing up to the VA loan limit of their country.   VA borrowers can go over the VA loan limit for their

county if they can put a small down payment down.

I hope this educates you on the VA loan limits for your county in California.  Feel free to call at 858-922-7899 or email at homeloan8@gmail.com if you have any questions about getting approved for a VA home loan in California.

Regards,

Rob Chomentowski

Sr. Loan Officer (and VA specialist)

Affinity Financial

858-922-7899,

homeloan8@gmail.com

Active Military and Veterans are the best loans on the market. Watch this

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VA home loans require the shortest wait after short sale to qualify for a new home loan.  You can apply for a VA home loan in California only two years after a short sale.   The key is to check the date that the deed to the short sold house transferred out of your name, and then count two years forward from that date.  Feel free to email us at homeloan8@gmail.com or call us at 858-922-7899 and we can research that exact date for you.

Additionally, VA home loan requirements for qualifying after a short sale like to see that you do check credit score online not have any major derogatory items on your credit after the short sale.   You want to make 100%

sure you are not late on anything like credit cards, student loans, car payments, etc…   Also, you do not want to have any collections or tax liens after the short sale.  The VA home loan lender wants to see that the short sale was an isolated event and that you are now financially stable.

So I hope this encourages you that you can get back in the market and take advantage of today’s lower home prices in California and lower interest rates even if you have had a short sale in the past.  Don’t hesitate to contact us if you have any questions about applying for a VA home loan in California.

Below are some highlights of VA home loans in California:

• VA funding fee is waived for veterans who receive disability pay
• If borrowers put 5-10% down VA funding fee can be dramatically reduced
• VA loan guidelines only require a two year wait after chapter 7 bankruptcy and foreclosure to qualify for a VA home loan
• VA loan limits in California go up to $675,000 in Los Angeles and Orange County.  $1 million in San Francisco, Alameda, San Mateo, Santa Clara and Contra Costa County.  VA loan limits go up to $518,750 in San Diego County.  Much of the rest of the state such as Sacramento, Fresno, Riverside, San Bernardino, Shasta have a VA loan limit of $417,000.  You can go above these VA loan limits with a small down payment.
• VA home loans have no monthly mortgage insurance
• VA loans are 100% financing zero down
• VA home loan interest rates are at all time lows

Rob Chomentowski

Sr. Loan Officer (and VA specialist)

Affinity Financial

858-922-7899,

homeloan8@gmail.com