VA Financing For Self-Employed Borrowers in California

As many of your probably have found out, getting a home loan these days if you are self-employed is not easy.  This article will discuss what to look out for in getting a VA home loan in California if you are self-employed.

When you are a self-employed veteran applying for a VA loan, the main documents that will be looked at or VA loan approval is your last two years federal tax returns.

• The VA lender will average your last two years NET income off your tax returns
  • The key is NET, not gross.  Your net income after deductions
  • If your income declined from one year to the next the VA lender will go off the lower income of the two years
  • If your income increased, the VA lender will average
• There are some deductions that can be added back to your income for a VA loan in California.  Any depreciation is the main item that can be added back.
• If you have a corporation, the lender will look at income that flows through to your personal returns
• If you were a w-2 employee and have only been self-employed one year, you will have to wait another year until you have two consecutive years self-employed to get a VA loan in California

So that is some of the basics with qualifying for a VA home loan in California if you are self-employed.  Please call at 858-922-7899 or email at homeloan8@gmail.com if you would like to be approved for a VA loan in California.

Below are some of the very latest advantages of VA home loans in California:

1. VA lending is still 100% financing zero down, always has been and still is
2. VA loan limits go up to $1,000,000 with zero down in the San Francisco and San Jose area.  VA loan limits go up to $697,000 with zero down in Los Angeles, Orange County.  San Diego has a VA loan limit of $537,250.  You can go over these VA loan limits with a small down payment
3. VA home loans waive the VA funding fee for veterans that receive ANY disability pay
4. VA loan credit score does not have to perfect.  Call us as we are specialists at helping you increase your score or get qualified as is.
5. VA loan interest rates are still around 60 years lows

Regards,

Rob Chomentowski

Sr. Loan Officer (and VA loan specialist)

858-922-7899

homeloan8@gmail.com

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