VA financing is the most forgiving type of mortgage financing today when it comes to the waiting period after foreclosure to get new home financing. VA home loan requirements state that a borrower only had to wait two years after a foreclosure to apply for a VA loan in California.
The key date you have to look for to begin counting the waiting period is the date the deed to the property transferred out
of your name from the foreclosure. Give us a call if you would like us to look this date up for you.
Additionally, VA loan requirements want you to not have any derogatory items on your credit score after the foreclosure. You want to make 100% sure you are not late on any of your credit cards, student loans, car payments, etc… VA loan guidelines also generally want you to have at least a 640 credit score following a foreclosure.
So that is good news that only two years after a foreclosure you can be back in the California housing market and take advantage of the current low prices and low interest rates to establish a nice home for your family and a nice investment.
Please don’t hesitate to call us at 858-922-7899 or email us at homeloan8@gmail.com if you have any questions about VA home financing in California.
Below are some of the highlights of VA home loans in California today:
• VA loan limits in Los Angeles, Orange County go up to $621,000 with zero down. San Francisco, San Jose, Oakland go up to $625,000. San Diego VA loan limit is $477,000. Most of the rest of California such as Fresno, Riverside, Redding, Stockton, Sacramento go up to $417,000 with zero down
• VA lending is 100% financing with no down payment
• VA loan interest rates are still at record lows
• VA home loans do not have any monthly mortgage insurance
• The VA funding fee is waived for veterans who receive disability pay
• VA loan requirements only need a two year wait after a short sale, bankruptcy or foreclosure
Best Regards,
Rob Chomentowski
858-922-7899, homeloan8@gmail.com
Sr. Loan Officer (and VA specialist)
