In today’s economy there are many people (and veterans included) who have been laid off or been unemployed for extended periods of time, but are now back on the job working full time. If you have been out of work 0-5 months, VA home loan requirements only need you to be back working for 30 days in order to apply for a VA home loan. What you need to be able to provide is a 30 day paystub for the loan application. However, if you have been out of work for 6 months or more, VA loan guidelines will require you to be back working for six months until you can apply for VA financing. Of course in most cases you will have to be back working in a similar line-of-work that you were working in prior to your gap in employment.
Additionally, it is best if you are on a salaried type job if you have a gap in employment. If you are on a commission type job, paid in large bonuses or paid hourly, it may be a bit more complicated to get you’re approved for a VA loan after a large gap in employment.
So I hope this helps you to understand that you have a excellent chance of qualifying for a VA loan in California even after major gaps in your employment. Please don’t hesitate to call 858-922-7899 or email homeloan8@gmail.com if you have any additional questions about VA home financing in California.
Below are some of the most up-to-date highlights of VA home loans in California:
- VA loan limits in California for 100% VA financing are $621,000 in Los Angeles, Orange County, Anaheim, Santa Ana. VA loan limits in the Bay Area are $625,000 in San Jose, San Francisco, Oakland, Contra Costa County. VA loan limits in San Diego are $477,000. Much of the rest of California has VA loan limits of $417,000 (Fresno, Redding, Stockton, Sacrament0, etc…)
- You can go above the VA loan limits in California with just 25% down of the difference between your purchase price and the VA loan limit
- Veterans who receive disability get the VA funding fee waived
- VA financing is 100% zero down financing with NO monthly mortgage insurance
- VA home loan rates are near 60 year lows
- VA loan credit does not have to be perfect, give us a call and we can assist you with analyzing and
improving your credit
- VA streamline refinance loans are a quick and easy way to drop your VA
loan rate without appraisal or income documentation
- VA cash out refinance loans up to 100% of the value of your home
Best Regards,
Rob Chomentowski
858-922-7899,
Sr. Loan Officer (and VA specialist)
