With home prices falling the last four years in California and recent high unemployment rates, many homeowners in the state have opted to sell their home on a short sale. A short sale happens when a home owner has to sell their home, but the loan balance is greater than what they can sell the house for and they have to negotiate with their lender to take less than the full balance owned. This is not an easy process for homeowners to have to go through. But the good news for those who are active military or veterans with VA home loan benefits is you can qualify for a VA home loan only two years after a short sale.
Now the property that you did the short sale on cannot have had a VA loan on it. What we are talking about here is if you did a short sale on a house with a conventional loan, and in this case in two years you can use your VA home loan benefits to buy gain in California. If you had to do the short sale on a home with a VA loan on it, then you will not be able to get a VA loan again until the VA is repaid the difference of the short sale.
The key date to know if you want to get a VA loan after a short sale is the date the deed to the property transferred out of your name to the new owner’s name. That is the date that the two year period timeline starts. You can qualify for a VA loan exactly two years after this date. Now your VA loan credit score will still need to be good enough to qualify for a VA home loan, and it will help if the short sale was a onetime type of event due to the situation and your VA credit report does not show a general disregard for credit.
This is a tremendous time to take advantage of the lowest home prices in close to a decade in California combined with interest rates still hovering around sixty year lows. So give us a call us a call 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 most up-t0-date benefits of VA loans in California:
- VA loan limits in many California areas go up to $1 million with 10o% financing. The San Jose area, San Francisco and Alameda County go up to $1 million. Los Angeles and Orange County VA loan limits for 100% financing are $697,000. San Diego VA loan limit is $537,750 with zero down. You can go above these VA loan limits with a small down payment
- VA home loans do not have monthly mortgage insurance
- VA home loans are 100% financing, no down payment required
- VA mortgage loan rates are hovering around their lowest in sixty years
- VA loan credit does not need to be perfect, give us a call and we can counsel you on your credit score
- VA allows borrowers to get a VA loan only two years after a bankruptcy 7, short sale or foreclosure
Regards,
Rob Chomentowski
858-922-7899
Sr. Loan Officer (and VA specialist)
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