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Find California Homes Eligible for VA Financing

Find VA approved homes in CaliforniaFinding homes eligible for VA financing in California is easy. Singles family detached homes are easily financed with a VA loan. VA financing even works for 2, 3, and 4 units properties, and of course VA allows for 100% financing. Where it can get tricky is when a VA borrower is interested in finding a Condominium. The condo project needs to be approved by VA for financing prior to a lender funding a VA loan within the project.

How Do I Find VA Eligible Condo’s in California?

Many VA loan eligible homebuyers will typically search for a condo and then find out if the condo is approved for VA financing. But this can be frustrating since many condo projects are not approved for VA financing. The first step should be to check the VA site for which projects are approved and then look at condo’s within those projects. So how is this done? Click Here for the VA Condo approval lookup site.  Once at the VA site, choose the “Details” report. To pull only approved condo’s, choose “Retrieve only Approved Condo’s?” Do not try entering the condo name. Leave it blank. Next, choose the city and state are searching.

 

It is important to work with real estate professionals who are familiar with VA financing. Your California VA real estate agent should know how to find VA approved condo projects and should understand how the offer to purchase should be written. Your California VA lender should thoroughly understand VA lending guidelines, loan amounts, and qualifications. And of course, have low interest rate options.

Authored by Tim Storm, a California VA Loan Officer specializing in VA Loans. MLO 223456. – Please contact my office at the Home Point Financial. My direct line is 949-640-3102. I will prepare custom VA loan scenarios which will be matched up to your financial goals, both long and short-term. I also prepare a Video Explanation of your scenarios so that you are able to fully understand the numbers BEFORE you have started the loan process.

Can I get a VA Loan After a Bankruptcy in California?

VA Loan After BankruptcyIf you’re wondering whether or not you can get a VA loan in California after a recent bankruptcy, you’re not alone.

With the recent economic recession just barely behind us, many veterans and military personnel are now in the position of looking for a new mortgage after having gone through a bankruptcy.

Some of the most common questions asked regarding bankruptcies and VA loans in California are:

  • Can I even get a California VA loan after a bankruptcy?
  • If so, how long do I have to wait?
  • What can I do to increase the likelihood of getting Preapproved for a new VA loan after a bankruptcy?

The good news is that as of today, the VA underwriting guidelines are more flexible than the guidelines for conventional or FHA loans.

With that said, let’s now go ahead and take a look at the different types of bankruptcies and how they impact VA loans…

Chapter 7

Chapter 7 bankruptcies are essentially when the borrower is freed of all liability from creditors. VA loan guidelines typically call for a 2 year waiting period after a Chapter 7 bankruptcy before you can receive VA financing again.

We say “typically” because there are extremely rare circumstances in which the 2 year waiting period will be reduced to 1 instead. You would have to be able to show that circumstances beyond your control (such as losing a job or medical problems) were the driving force behind your financial hardship.

This 2 year requirement may seem harsh, but compared to the guidelines for conventional loans that call for a 4 year waiting period, it really is quite reasonable.

Chapter 13

Chapter 13 bankruptcies involve the establishment of a repayment plan instead of being cleared of liability.

California Veterans and military personnel can qualify with VA loan guidelines even when they are still in Chapter 13 bankruptcy. However, you will have to show that you have made a minimum of 12 payments on-time and be approved by the court trustee for the loan.

Please note that once the Chapter 13 bankruptcy is complete, veterans are instantly eligible for VA loans again, whereas conventional loan guidelines still require a 2 year waiting period.

Even after you have finished the bankruptcy process, there are still actions you can take to increase your likelihood of qualifying for a VA loan after bankruptcy.

For example:

  • Reestablish your credit as soon as possible if you do not have any creditors after the bankruptcy process. Remember, approving a potential borrower with no credit can be just as difficult as approving a borrower with bad credit!
  • Once you reestablish credit, be sure to always make payments on time.
  • Get in the habit of checking your credit at a minimum of once a year. This will give you an idea of where you stand, especially when you begin shopping for a VA mortgage.
  • Upon the discharge of your bankruptcy, send a copy of all your discharge paperwork (including all applicable schedules) to the three credit bureaus: Equifax, Experian, and TransUnion.

Talk to a California VA lender to learn more about qualifying for a VA loan after  a bankruptcy.

Authored by Tim Storm, a California VA Loan Officer specializing in VA Loans. MLO 223456. – Please contact my office at the Home Point Financial. My direct line is 949-640-3102. I will prepare custom VA loan scenarios which will be matched up to your financial goals, both long and short term. I also prepare a Video Explanation of the your scenarios so that you are able to fully understand the numbers BEFORE you have started the loan process.