- You can get a VA loan two years after a foreclosure or Chapter 7 Bankruptcy in California
- VA loan requirements only require two years after a Chapter 7 Bankruptcy to apply for a VA loan in California
- You can go above the VA loan limits with a small down payment
- A VA home loan requires a two year wait after bankruptcy, foreclosure or short sale
- VA home loan rates are very low right now
- VA home loans are 100% financed with no mortgage insurance
- VA loan guidelines waive the VA funding fee for veterans that receive disability pay
- VA loan refinance can be done very easily with a VA streamline to lower your VA loan rate
- If you receive any disability pay, the VA funding fee is waived
- VA loan credit does not have to be perfect. Call or email a VA Loan specialist for counseling in raising your VA loan credit score
- VA loan interest rates are at the lowest in history
Getting a VA Loan IS Possible
It is one of the best times in history to buy a home in California with VA financing for a number of reasons: (1) Prices are down by 50% from the peak in many places across the state. (2)This, along with the VA loan interest rate at some of the lowest in the history of VA home loan make it an ideal time to buy. This is creating affordability in the state of California where even with a zero down payment VA loan, the house payment can be lower than a rent payment.
VA loans can be far superior to other jumbo sized loans, or loans that are higher than $417,000, because you would not need as much down and you have no monthly mortgage insurance. These loans are also only available for single family houses, Duplexes, Tri-Plexes, Four-Plexes, Condo’s or even a rural farm property.
So if it’s been two years since you had a foreclosure, it is really an opportune time to get back on your feet and buy a home with your VA eligibility and be much better off than when you owned the first time with a 30 year fixed VA home loan. With a sustainable payment, these prices in California have not been seen for almost ten years.
If you are one of the millions of Americans who have faced a short sale, foreclosure, or bankruptcy, with the above tips, the dream of owning a home is within your reach. With a VA loan, the dream is not that far away.
VA Mortgage Loan Limits In California
VA mortgage loan limits have changed for California in 2012. Below are the new VA loan limits for major California cities:
- San Diego: $477,000
- Los Angeles:$621,000
- Orange County: $625,000
- San Francisco: $625,500
- San Jose: $625,500
- East Bay (Contra Costa County, Alameda County): $625,500
- Napa: $460,000
- San Luis Obispo: $457,700
- San Mateo:$625,500
- Santa Barbara:$598,000
- Santa Cruz: $610, 650
- Sonoma:$419,750
- Ventura: $518,650
- Fresno:$417,000
- Bakersfield:$417,000
- Riverside:$417,000
- Sacramento: $417,000
- Redding: $417,000
The above VA loan limits are just for 100% financing. You CAN go over the above VA loan limits in California with a small down payment. You just need to put down 25% of the difference between the purchase price and loan limit of your area. For example, if you want to buy a $800,000 house in Orange County where the VA loan limit is $621,000, you would take ($800,000-$625,000)=$179,000. Then take $179,000X.25=$44,750. You would need a $44,750 down to buy a $800,000 house in Orange County with a VA loan.
