Because California is a “community property” state, VA loan requirements in California require the spouse of a VA borrower’s credit to be checked even if they are not going on the VA loan as a co-borrower. The good news is that VA financing does not care what the credit score of the non-borrowing spouse is, but they do have to count any debt obligations on that non-borrowing spouse’s credit in qualification.
So you may want to keep your spouse off your VA loan application in California because they have a lower credit score that would cause you to be denied for a VA loan. But remember if that spouse has any car payments, student loans, or credit cards, those payments will have to count as debt towards getting qualified for VA financing in California.
Also something else to think about, VA loan requirements say if the non-borrowing spouse has any large collection accounts or judgments on their credit reports, those will probably have to be paid to get a VA loan in California.
So keep this in mind when thinking of getting VA financing to buy a home in California.
Below are some of the latest up-to-date benefits of VA financing in California:
- VA loans are 100% financing, zero down loans. They have not changed where all other mortgage financing requires more down and tighter guidelines.
- VA loan limits go all the way up to $1 million for 100% financing in areas like San Jose and San Francisco. Los Angeles and Orange County go up to $700,000 with zero down and San Diego VA loan limit is $537,750 with zero down.
- VA loan credit does not have to be even near perfect. You can think you have bad credit and still get a VA loan in California. We are specialists in assisting VA borrowers improve their credit.
- VA loan interest rates are still near 60 year lows
Don’t hesitate to email homeloan8@gmail.com or call at 858-922-7899 if you would like to be approved for a VA loan in California.
Regards,
Rob Chomentowski
858-922-7899
Sr. Loan Officer (and VA specialist)
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