VA financing offers the easiest way to refinance of any loan type out there today. Here are some facts about VA streamline refinance loans in California today:
- No income, no assets and no appraisal is needed in most cases
- VA loan interest rates on 30 year fixed loans are the lowest since the 1950′s
- VA streamline refinances can save you tens of thousands in mortgage interest over the life of your VA loan
- VA loan credit score generally has to be 620 for a VA streamline in California
- There is a .5% funding fee on a VA streamline and this is waived if a veteran receives any disability pay
- There can be no out-of-pocket costs on a VA streamline refinance in California if you choose
- You get to skip a month’s payment on a VA streamline refinance as you 1st payment will not be due until the next month after you refinance
- VA streamline refinance is not considered a 2nd use of VA eligibility
- You need to already have a VA loan to do a VA streamline refinance (but if you don’t have a VA loan you can still refinance into a VA loan with a standard VA refinance)
So in summary a VA streamline refinance is an incredibly easy way to take advantage of the lowest VA loan interest rates since the 1950′s and lower your monthly payment substantially. Feel free to email me at homeloan8@gmail.com or call at 858-922-7899 if you have any questions about getting approved for a VA loan in California.
Best Regards,
Rob Chomentowski
Sr. Loan Officer (and VA specialist)
858-922-7899
Quick Facts About VA Streamline Refinance Loans In California is a post from: VA Home Loans 858-922-7899
VA financing offers the easiest way to refinance of any loan type out there today. Here are some facts about VA streamline refinance loans in California today:
- No income, no assets and no appraisal is needed in most cases
- VA loan interest rates on 30 year fixed loans are the lowest since the 1950′s
- VA streamline refinances can save you tens of thousands in mortgage interest over the life of your VA loan
- VA loan credit score generally has to be 620 for a VA streamline in California
- There is a .5% funding fee on a VA streamline and this is waived if a veteran receives any disability pay
- There can be no out-of-pocket costs on a VA streamline refinance in California if you choose
- You get to skip a month’s payment on a VA streamline refinance as you 1st payment will not be due until the next month after you refinance
- VA streamline refinance is not considered a 2nd use of VA eligibility
- You need to already have a VA loan to do a VA streamline refinance (but if you don’t have a VA loan you can still refinance into a VA loan with a standard VA refinance)
So in summary a VA streamline refinance is an incredibly easy way to take advantage of the lowest VA loan interest rates since the 1950′s and lower your monthly payment substantially. Feel free to email me at homeloan8@gmail.com or call at 858-922-7899 if you have any questions about getting approved for a VA loan in California.
Best Regards,
Rob Chomentowski
Sr. Loan Officer (and VA specialist)
858-922-7899
Quick Facts About VA Streamline Refinance Loans In California is a post from: VA Home Loans 858-922-7899
FHA Loan California Highlights is a post from: FHA,VA and Conventional Home Loans in all 50 States
Here are some highlights to FHA loan guidelines in California:
- Only 3.5% FHA loan down payment required
- FHA loan limits go all the way to $729,750 in many areas of the California coast such as San Jose, San Francisco, Alameda County, Los Angeles, Orange County and close to this in San Diego.
- FHA loan credit scores do not need to be perfect, a 620 score can get you a 3.5% down FHA loan with excellent FHA loan rates
- Gift funds from relatives are allowed for the 3.5% FHA loan down payment required
- FHA loan mortgage insurance is 1% up front and .9% monthly and can be removed in five years
- FHA loans are only for your primary residence (you cannot use them for investment property) and you can only have one FHA loan at a time (unless you are a non-occupant co-borrower)
- FHA loan guidelines allow 3.5% down on 2-4 units properties if owner occupied and FHA loan limits go much higher for 2-4 units (into the millions)
- FHA loan cash out refinances allowed to 85% loan-to-value
- FHA loan guidelines allow the more generous debt-to-income ratios all the way up to 56.9% (conventional is only 45%-50% with 20% down payment)
- Non-occupant co-borrowers are allowed with FHA loans
Those are just a few of the highlights of FHA loans in California. Send us an email (homeloan8@gmail.com) or call 858-922-7899 if you have any questions about getting approved for a FHA loan in California.
Best Regards,
Rob Chomentowski
Sr. Loan Officer (FHA, VA, USDA and conventional loan specialist)
858-922-7899
Normally VA loan requirements only require two years from the date of a foreclosure on a VA borrower’s credit before that VA borrower can qualify for a new VA loan in California. However, if that VA borrower’s foreclosure was a FHA mortgage, the VA borrower will likely have to wait three years to get a new VA loan in California. The reason for this is FHA keeps a list called CAIVRS. On this list they include everyone who has had a FHA foreclosure for three years after that foreclosure. Part of the VA loan requirements to get approved for a VA loan requires a check of this CAIVRS list. If your name pops up on this list, most VA lenders will not make the loan. Technically they can still approve you for a VA loan even if you are on the CAIVRS list, but most will not.
The date to start counting the three years is the date the deed from the FHA foreclosed home transferred out of your name. So find out this date and you will be able to get a new VA loan three years from this date.
So in summary, keep in mind that if you are VA eligible and you currently have a FHA loan, you will have to wait three years to get a new VA loan if you allow that FHA loan to be foreclosed upon. For any other loan type such as conventional, you will only have to wait two years to get a new VA loan after foreclosure.
Give us a call 858-922-7899 or email (homeloan8@gmail.com) if you have any questions about VA lending in California or if you need to be approved for a VA loan.
Best Regards,
Rob Chomentowski
Sr. Loan Officer (and VA specialist)
858-922-7899
Getting A VA Loan In California After a FHA Loan Foreclosure is a post from: VA Home Loans 858-922-7899
Collections Have Big Effect on FHA Loan Credit Score in California is a post from: FHA,VA and Conventional Home Loans in all 50 States
One area of credit to be very careful with when preparing for a FHA home loan in California is collection accounts that can appear on your credit. Collections can be very sneaky and just appear on your credit one day without you knowledge with an account you forgot about long ago. You could have an old cell phone account or gas and electric account that has say only $30 remaining that was unpaid, and that creditor may no longer have a current address to send you the bill. Then one day you can wake up and check your credit and your score has dropped 100 points because this collection has been reported to your credit.
For a FHA loan in California, your FHA loan credit score has to be at least 620 to qualify for a FHA loan without major difficulties. There are three credit bureaus, FHA loan requirements take the middle of the three credit scores and consider that for your FHA loan approval. And if you have a small collection account appear on your credit report, it can literally drop you score from 700 to 600 overnight and disqualify you for FHA loan approval. So be very careful and check your credit a few times a year to see if any derogatory items have appeared on your credit report hurting your score.
There are some things you can do if you see a collection appear on your report and you are attempting to qualify for a FHA loan:
- Do not pay the collection off as this can actually hurt your score
- Try to first call the creditor who put the collection on your account and ask them to delete it off your credit report. It’s important they delete it off your credit report, not just mark it paid.
So I hope this article helps you be careful about collection accounts when preparing for a FHA loan in California. If you have any questions about getting approved for a FHA loan in California send us an email at homeloan8@gmail.com or give us a call at 858-922-7899.
Warmest Regards,
Rob Chomentowski
Sr. Loan Officer (FHA, VA, USDA and conventional loan specialist)
858-922-7899
FHA Jumbo Loan in California is a post from: FHA,VA and Conventional Home Loans in all 50 States
When you get any type of VA mortgage in California, both spouses credit has to be checked to qualify for the VA loan. So even if you want to do a VA refinance loan in California and you got married after you originally purchased your house with a VA loan, and your spouse in not on title or the current loan, that spouses credit still has to be checked for the VA refinance loan in California. This is because California is a community property state.
However, even if though your spouse’s credit has to be checked, their credit quality can’t affect you getting the VA loan in California. But any debt obligations they have to be included in your VA loan qualification. VA refinance IRRRL loans don’t require income and debt calculations, so for this particular loan even the non-borrowing spouse’s debt obligations would not come into play.
So in summary, whenever you are getting a VA loan in California, just keep in mind that your spouse’s credit will always have to be checked even if that spouse is not on the VA loan.
Below are some of the most up-to-date advantages of getting VA financing in California:
- VA loan limits in many areas of California such as San Francisco, Alameda County, and Contra Costa County can go up to $962,000 with 100% financing. And many areas such as Los Angeles, Orange County, and San Diego County allow 100% financing on VA loans above the conforming loan limits.
- VA loan credit scores do not have to be perfect. You only need a 620 score to get some of the best VA loan rates out there.
- VA loan interest rates are at their lowest since the 1950′s
- VA streamline refinance loans in California are a very easy and painless way to drop your VA loan interest rates substantially and lower your payment substantially
Feel free to give us an email at homeloan8@gmail.com or a call at 858-922-7899 if you have questions at all about getting approved for a VA loan in California.
Best Regards,
Rob Chomentowski
Sr. Loan Officer (and VA specialist)
858-922-7899
VA Streamline Refinance If Got Married After Original Purchase is a post from: VA Home Loans 858-922-7899
If Mortgage Included In Bankruptcy 7 Three Years Until Qualify FHA Home Loan In California is a post from: FHA,VA and Conventional Home Loans in all 50 States
Normally if you have a chapter 7 bankruptcy you just have to wait two years to be eligible for a FHA loan in California. However, if a mortgage is included in that chapter 7 bankruptcy you have to wait three years to get a FHA home loan in California. Some lenders will require you to wait three years from the date the deed of the property included in the bankruptcy is transferred out of your name, others will require you to wait three years from the discharge date of the bankruptcy.
Also, to help qualify for a FHA loan after a bankruptcy 7, make 100% sure you have no derogatory credit AFTER the bankruptcy. FHA loan guidelines can deny you for a FHA home loan if you have been late on any obligations AFTER your bankruptcy 7.
But keep in mind if you had a bankruptcy 7 and there was no mortgage included in the bankruptcy, you only have to wait two years from the discharge of the bankruptcy to qualify for a FHA loan in California.
Here are some of the most up-to-date advantages of FHA loans in California:
- FHA loan limits in California go all the way up to $729,750 in many areas of the state such as Los Angeles, Orange County, San Jose, San Francisco, Alameda and more. And close to this in San Diego.
- FHA loan rates are the lowest since the 1950′s!
- FHA loan down payment is only 3.5% and that can be a gift from a relative
- FHA loan guidelines allow for a non-occupying co-borrower. So if you cannot qualify with your own income, perhaps you have a relative that can help.
Warmest Regards,
Rob Chomentowski
Sr. Loan Officer (FHA, VA, USDA and conventional loan specialist)
858-922-7899
Your can get a VA loan 2 years after bankruptcy.
VA Loan After Bankruptcy is a post from: VA Home Loans 858-922-7899
USDA Loans Offer 100% Fianancing In Certain California Areas is a post from: FHA,VA and Conventional Home Loans in all 50 States
The United States Department of Agriculture offers a excellent 100% financing loan program available to anyone in many parts of California. This program is generally in the more rural parts of California, but you would be surprised as many areas close to cities are considered rural. USDA 100% financing home loans are available in many parts of even counties with urban areas such as Los Angeles County, San Diego County, Riverside County, San Bernardino County, Fresno County, Alameda County, Contra Costa County. And of course all of the rural counties of California almost entirely qualify for USDA financing such as Shasta, Butte, Merced, Madera, Kern just to name a few.
Here are some of the key parts of USDA home loans in California:
- 100% financing, no down payment required
- No monthly mortgage insurance
- Minimum credit score 620
So give us a call if you think you might live in an area that qualifies for a 100% USDA home loan in California.
Warmest Regards,
Rob Chomentowski
Sr. Loan Officer (FHA, VA, USDA and conventional loan specialist)
858-922-7899