To get a VA loan to buy a home or refinance in California your credit score does not have to be perfect. Even if you think you have bad credit you can often qualify for 100% VA financing. I encourage you to give me a call or email even if you think you have bad credit, as we are experts at analyzing your credit score and working with you to raise your score to be able to get VA financing to buy a home in California or refinance your home.
If we do a credit check and your score is below 620, we can help you go through your entire report and make suggestions to help you immediately raise your VA loan credit score. We work directly with the credit bureaus and if there are any mistakes on your VA loan credit report or items that can be paid down, we can make these changes immediately with the credit bureaus so they can issue you new scores. This is called “Rapid Rescoring”.
A common item that can help us raise your score quickly is if you have credit cards that are maxed out. We can have you pay down the cards to <30% of our credit limits and then do a Rapid Rescore and many times get your VA loan credit score where it needs to be to get your approved.
Here are some other credit tips when preparing to get a VA loan in California:
- Do NOT pay collections or judgments that show up on your VA loan credit report until after you talk to your loan officer. Paying these can often lower your score.
- Make sure you pay everything that reports to the credit bureaus FIRST. Mortgages, student loans, credit cards and auto loans report monthly payment history to the credit bureaus. Cell phone bills, rent, insurance, etc… do NOT report monthly payment history. Never be late on ANYTHING that reports to your credit.
- If you cancel credit card accounts, cancel the newer ones first and keep the older ones. Older accounts help your VA loan credit score.
- Keep your credit card balances at 30% or less than your credit limits
I hope this information on VA loan credit scores helps your prepare to successfully qualify for a VA loan in California. Give me a call 858-922-7899 or email (homeloan8@gmail.com) if you have any questions about getting approved for a VA loan in California.
Below are some up-to-date highlights of VA financing in California:
- VA loan limits go up to $1 million with 100% financing in many Bay Area counties such as San Francisco, San Mateo and Alameda. VA loan limits in Los Angeles and Orange County are $700,000 with zero down. In San Diego VA loan limits are $537,500 with zero down. You can go above these VA loan limits with a small amount down.
- VA home loans in California are STILL 100% financing
- If you have any VA disability pay the VA funding fee is waived
- The VA loan rate is still extremely low historically making it a good time to do a VA streamline refinance or refinance a non VA loan to a VA loan
So give us a call at 858-922-7899 or email at homeloan8@gmail.com if you have a question about getting approved for a VA loan in California.
Regards,
Rob Chomentowski
858-922-7899
Sr. Loan Officer (and VA specialist)
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