One thing to keep in mind when applying for VA financing is the ability to count child support income as income if you receive it, and knowing that it has to be counted as debt if you pay it. For you to be able to count child support as income, VA loan requirements require you to document that you have been receiving it for the last 12 mos by providing you last 12 months of bank statements showing monthly deposits of the child support income. Additionally, you will have to demonstrate that you will continue receiving it for the next three years. This is usually done by providing the court order.
If you pay child support, VA loan requirements require that this be stated on your loan application. The monthly payment for child support will then be counted as a debt in your application for VA loan approval.
So if you are shopping for a house and you want to get a VA loan to buy, please keep in mind that if you receive child support this can be used as additional income to qualify for a VA loan and if you pay child support if will have to be counted as a debt.
And below are the very latest up-to-date highlights to get a VA loan to buy your home, do a VA refinance from a non VA loan, or VA streamline:
- VA lending offers 100% financing no down payment loans
- VA loan limits for many parts of California such as San Jose, San Francisco, Los Angeles, Orange County and San Diego go all the way up to $597,000 to $962,000 with zero down payment, and above that with a small down payment.
- VA streamline loans are a quick and easy way to drop your VA interest rate to the current historic market lows and lower your payment substantially if you already have a VA loan
- You can also do a VA refinance loan to a VA loan if you currently do not have a VA loan
- You can get a VA loan only 2 years after a bankruptcy, foreclosure or short sale
- VA loan credit scores do not have to be perfect
Please call 858-922-7899 or email homeloan8@gmail.com if you have any questions about VA loans in California.
Best Regards,
Rob Chomentowski
Sr. Loan Officer (and VA specialist)
858-922-7899
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