In the for sale housing market in California today there are a lot of properties bought by investors, fixed up and re-sold on the market. Often these investors
purchase these properties at foreclosure auction sales or just fixer upper properties on the market. Many times these investors have owned these properties for less than 90 days. Many loan types other than VA home loans (such as FHA) will have issues with investors owning the home less than 90 days and will not make the loan or will have lot of restrictions. VA home loan requirements are unique in that they do not have many rules regarding VA borrowers buying these “flipped” houses. As long as the home appraises, VA home loan lenders will make the loan.
Buying a flipped house can be a benefit to a VA borrower for many reasons:
• Flipped houses are generally totally fixed up to a brand new look and feel and will pass the VA appraisal without any VA requirements for additional repairs
• The sellers of flipped houses generally take care of all the termite work needed to be done to satisfy the VA loan requirement for a termite free house
• Sellers of flipped houses often welcome offers from VA buyers vs. many other properties that do not like VA buyer offers
So buying a “flip” house that has been full renovated and fixed up by the seller can be a good opportunity. Feel free to call me at 858-922-7899 if you have any questions or
email me at homeloan8@gmail.com.
Below are some highlights of VA home loans in California today:
• VA mortgage loan limits in California for 100% financing go up to $621,000 in Los Angeles and Orange County. VA loan limits in San Francisco, San Jose, Oakland and much of the Bay Area are $625,000. San Diego VA loan limit is $477,000. You can go above these loan limits with a small down payment.
• Veterans that receive any VA disability pay have the VA funding fee waived
• VA loan interest rates are still at all time record lows
• VA home loan requirements only require two years after a foreclosure, bankruptcy or short sale to apply for a VA loan
Best Regards,
Rob Chomentowski
858-922-7899, homeloan8@gmail.com
Sr. Loan Officer (and VA specialist)
