In the past few years with the recession hitting the California job market pretty hard, many veterans have had periods where they have been unemployed. Or veterans may have been back in school updating skills and getting new degrees to improve career possibilities. This post will talk about the VA home loan requirements for VA borrowers that have had gaps in employment and/or periods of unemployment.
Generally if you have been in school for a number of years and become employed after school in a job that is in your area of study, VA lenders will waive the normal rule where they need two years of employment history. In this case you can generally apply for a VA loan after you have received 30 days of paycheck stubs. You will also need to show your transcripts and diploma for this situation.
If you have been unemployed for less than six months, VA home loan requirements only require you be back on the job for 30 days to apply for a VA loan in California. If you have been unemployed for more than six months, VA loan guidelines will require you to be back on your job for six months before you can qualify for a VA loan. Additionally, you will need to be working in a similar position as before the period of unemployment.
If you are changing jobs, VA guidelines only require you be on the new job for 30 days before you qualify for a VA loan. If you are finishing up active duty military and transitioning to a civilian job, generally the VA lender will only need a valid offer of civilian employment and at least one paystub on the new job before VA loan approval.
So I hope this clears up some of the VA home loan requirements regarding unemployment, starting new jobs, and general gaps in employment. Please don’t hesitate to give us a call at 858-922-7899 or email at homeloan8@gmail.com if you have questions and/or would like to be approved for a VA loan in California.
Below are some of the highlights of VA home loan benefits in California today:
- VA mortgage loan limits in California go all the way up to $1 million with 100% financing in San Francisco, Oakland and the San Jose area. Los Angeles and Orange County go up to $697,000 with zero down. San Diego VA loan limits go to $537,750. You can go above these loan limits with putting down 25% of the difference between the purchase price and VA loan limit for your California County.
- VA home loan rates are still around 60 year lows
- VA financing is zero down 100% financing
- VA loan homeowners can do easy streamline refinances to drop their rates to market rates
- VA loan credit score does not have to be perfect, give us a call we are experts in assisting VA borrowers improve their credit scores
Rob Chomentowski
858-922-7899
Sr. Loan Officer (and VA specialist)
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