VA Loan Credit Score Requirements San Diego

A common question out there among veterans and active military members seeking to buy a new home or refinance their home, is what are the “VA loan credit score requirements”.   The good news is that VA home loans are fairly lenient when it comes to minimum credit standards.  One big key is that to qualify for a VA loan most lenders do not want to see a late payment on a major account such as a mortgage in the last 12 months.  Below I will bullet point some other requirements of VA home loans:

  • You can generally qualify for a VA loan as long as you have a 600 credit score.  There are options
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VA Jumbo Loan After Short Sale in San Diego

We have a special niche in the market where we are able to qualify borrowers for a VA jumbo home loan only one year after a short sale in San Diego (this applies to all of California).  You only have to wait for 12 months to pass before you can once again fully qualify for a jumbo VA loan.

What is a VA jumbo loan?  A VA jumbo loan is a VA loan that is over $417,000.  Many lenders will require you to wait 3-7 years after a short sale to apply for a VA loan if it is over $417,000.  We do not have this restriction.

You want to make sure that your credit has no derogatory items in the 12 months following

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VA Income Requirements In San Diego

This article will explain how VA underwriters determine VA borrower’s income to qualify for a VA home loan in California.  There are many different ways veterans applying for VA home loans earn income through their employment.  They can be paid hourly, salary, 1099 and be self-employed.  Below I will explain how each type of income is analyzed by the VA underwriter.

  • Salary: Salaried borrowers are the simplest form of income to calculate.  VA loan underwriters will go off the income from the borrowers latest paycheck stub.  This will have to be supported though two years of tax returns and W-2’s. 
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Get a VA Loan Only One Year After Short Sale in California

It is amazing how quickly you can be back on your feet after a prior short sale and approved for a VA home loan to purchase a new home in California.  We only require one year after a short sale is completed to apply for a VA home loan in California.

The key date to look at to start counting out a year after the short sale, is the date when the deed to the property that was short sold transferred out of your name.  It is 12 months past this date that you can close on a new VA home loan in California.  Don’t hesitate to contact me if you would like us to research this date for you.  We are unique

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