Rent Out Current Home And Buy a New Home With VA Financing

Currently home prices in California are at extremely attractive levels.  Combining low prices with low interest rates affordability levels in some areas are at levels not seen since the 1970′s.  This can make it a great opportunity to take advantage of this current market and rent out your current primary residence and purchase a new primary residence with VA financing.  VA home loan requirements are the most flexible when vacating your current house to buy a new home.  VA loan requirements allow you to count the potential rent from the home you are leaving towards qualifying for the new home, even if you are upside down on your current residence.

To get a VA loan in this situation there are some other considerations.  It is going to have to make sense to the VA lender underwriter that you would be moving to a new primary residence.   By this I mean the new house will possibly have to be larger, closer to work or more beneficial than your current primary residence.  Additionally, in many cases VA loan guidelines will like to see that you have a lease set up to rent your current primary residence and a security deposit in order to count the projected rents to help you qualify.

So I hope this helps if you are considering using your VA home loan benefits to vacate your current primary residence and purchase a new home.  Don’t hesitate to call us at 858-922-7899 or email at homeloan8@gmail.com if you would like to get approved for a VA loan in California.

Below are some of the very latest up-to-date highlights of VA financing in California:

• VA home loan benefits allow you to re-use your VA eligibility again as long as you have sold or refinanced the previous house you had a VA loan on
• VA loan credit score does not have to be perfect.  Give us a call and we can help you analyze your VA loan credit score and get you on the road to qualifying for a VA loan
• VA loan limits in California allow 100% financing up to $1 million in the San Francisco and San Jose areas.  VA loan limits in Los Angeles and Orange County go up to $697,000.  And San Diego VA loan limits go up to $537,750.  You can go over these VA loan limits by just putting down 25% of the difference between the purchase price and VA loan limit for your area
• The VA loan rate for 30 year fixed loans is still hovering near 60 year lows
• VA home loan requirements allow zero down 100% financing

Regards,

Rob Chomentowski

Sr. Loan Officer (and VA loan specialist)

858-922-7899

homeloan8@gmail.com

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