One of the great things about VA home loans is there is only a two year wait after having a prior foreclosure to be able to apply for a VA loan in California. So if you had a foreclosure two years ago and you are thinking about buying a new home, if you have VA eligibility you are in luck.
The first thing you should look for is the date the deed to the foreclosed home transferred out of your name. It is from this date the deed transferred that you begin the two year wait to be able to apply for a VA home loan. VA home loan requirements only require a two year wait after foreclosure, where other home loans such as FHA require a three year wait and conventional loans require a seven year wait. If you need help finding this date feel free to give me a call or email and I can look this up for you.
Another thing to make sure is that your credit has been clean after the foreclosure. You want to make sure you have no late payments or any derogatory credit items after the foreclosure. VA guidelines do not like to see any credit issues after a major credit event such as a foreclosure.
Your VA loan credit score will have to be 640 to be able to apply for a VA loan after a foreclosure. Additionally, your debt-to-income ratio will have to be a maximum of 41%.
So I hope this excites you that only two years after a foreclosure you can get back in the market to be a homeowner again with your