You would be surprised how fast you can get a VA loan in California after a foreclosure.
You only have to wait two years after the deed from the house that foreclosed transfers out of your name and you are eligible for VA loan. Keep in mind that we are talking about having a foreclosure on a non-VA loan. If you have a foreclosure on a VA loan, your VA eligibility may not be restored until VA is repaid for their loss. But if you had a foreclosure on a NON VA loan you only have to wait two years.
You will also have to have re-built your VA loan credit score and generally have a 640 or better credit score. This is not something that is difficult to do as long as you have no late payments on anything and have a few lines of credit post foreclosure. You will want to make sure that do not have any derogatory items on your VA loan credit report after the foreclosure. You will want to show that you do not have a disregard for your credit and the foreclosure was a one-time event that will not happen again.
So in summary this is very good news for VA borrowers in California. You could have had a foreclosure as recent as 2009 and now be eligible for 100% VA financing in California and take advantage of today’s low California home prices and buy your dream home.
Please feel free to email me at firstname.lastname@example.org or call at 858-922-7899 if you would like to discuss getting approved for a VA loan in California.
Some of the very, very latest up-to-date advantages of VA financing in California:
- You VA loan credit score does not have to be perfect. Even if you think you have bad credit we can work with you to help you increase your credit score
- VA loan limits in California go all the way up to $1 million with 100% financing in San Jose and San Francisco area. Los Angeles and Orange County VA loan limits go up to $697,000 with 100% financing and San Diego VA loan limits go up to $537,750 with zero down. You can go over the VA loan limit with 25% of the difference between the purchase price and your VA loan limit.
- VA loans are STILL 100% financing zero down loans!
- VA streamline IRRRL refinances allow you to easily drop your VA loan rate down to market rates
- VA loan interest rates are still hovering around 60 year lows
Sr. Loan Officer (and VA home loan specialist)