FHA Loan Limits in California is a post from: FHA,VA and Conventional Home Loans in all 50 States
FHA loans in California allow for very generous loan limits even with only 3.5% down. This allows a borrower to use the flexible FHA loan program to buy homes in even the higher cost coastal areas of California. Below is a chart of the FHA loan limits for the more populated counties in California:
| County | 1 unit | 2 units | 3 units | 4 units |
| Alameda | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
| Contra Costa | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
| Fresno | $381,250 | $488,050 | $589,950 | $733,150 |
| Los Angeles | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
| Orange | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
| Riverside | $500,000 | $640,100 | $773,700 | $961,550 |
| Sacramento | $580,000 | $742,500 | $897,500 | $1,115,400 |
| San Bernardino | $500,000 | $640,100 | $773,700 | $961,550 |
| San Diego | $697,500 | $892,950 | $1,079,350 | $1,341,350 |
| San Francisco | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
| San Mateo | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
| Santa Clara | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
One unit refers to a single-family home or condo/townhouse. And 2 units a duplex, 3 units a triplex and 4 units fourplex. So in the highest limit counties, you could purchase a home or condo for $756,217 and only put 3.5% down.
Don’t hesitate to send me an email homeloan8@gmail.com or call 858-922-7899 if you would like to be approved for a FHA loan or have any questions.
Regards,
Rob Chomentowski
Sr. Loan Officer (FHA, VA, USDA, Homepath and conventional loan specialist)
858-922-7899
VA financing includes a VA funding fee that is rolled into the new loan balance (or can be paid up front) on almost all VA purchase and VA refinance loans. This fee is VA’s version of mortgage insurance. It helps pay the cost of the VA guaranteeing the loans they make to active military and veterans. Below are some bullet points on VA funding fees:
VA funding fee for first time use of your VA loan eligibility
- Regular Military
- Veterans that receive any disability pay 0% (no funding fee!)
- Zero down 2.15%
- 5-10% down 1.5%
- 10%+ down 1.25%
- Reserves and National Guard
- Zero down 2.4%
- 5-10% down 1.75%
- 10%+ 1.5%
VA funding fee for subsequent use of your VA loan eligibility
- Regular Military
- Veterans that receive any disability pay 0% (no funding fee!)
- Zero down 3.3%
- 5-10% down 1.5%
- 10%+ down 1.25%
- Reserves and National Guard
- Zero down 3.3%
- 5-10% down 1.75%
- 10%+ 1.5%
VA funding fee for IRRRL VA Streamline refinances
- Regular military and Reserves and National Guard .5%
And to repeat a point I made above in the bullet points, veterans with any disability rating at all are except from the VA funding fee. This means you pay no funding fee at all even with 100% financing.
Also another item to note, VA financing does not have any monthly mortgage insurance. This is a really great benefit of VA loans over FHA loans and conventional loans which all carry mortgage insurance with less than 20% down payment.
Don’t hesitate to give me a email (homeloan8@gmail.com) or call (858-922-7899) if you would like to get approved for a VA loan or have any questions.
Regards,
Rob Chomentowski
Sr. Loan Officer (and VA specialist)
Facts About the VA Loan Funding Fee in California is a post from: VA Home Loans 858-922-7899
Get a FHA Home Loan After Being Unemployed in California is a post from: FHA,VA and Conventional Home Loans in all 50 States
Many people in California have gone through long periods of unemployment in the last few years. This post is to let you know how long you will need to back to being employed full time and other items to qualify for a FHA loan in California.
Generally, after a long period of unemployment (6 mos to 1 year), you will need to back at a full time job for six mos to one year to meet FHA loan guidelines. If you have been unemployed for two years or more, you may also have to show that you had steady employment before your extended period of unemployment, and it may help if you are back employed in your long term career. If you getting into a new line of work, you may need two years back on the job to meet FHA loan guidelines.
In addition to the above requirements, if you are back on the job for 6-12 mos after a long period of unemployment, you will not be able to count bonus, overtime or commission income, as FHA loan guidelines require a two year history to count these forms of income. So you would only be able to count you base salary if back on the job after a long period of unemployment.
So I hope that helps you understand you chances qualifying for a FHA loan in California after a long period of unemployment. If you have any other questions or would like to discuss FHA loan approval, please don’t hesitate to email me at homeloan8@gmail.com or call 858-922-7899.
Below are some very up-to-date features and advantages of FHA loans in California:
- FHA loan limits in California go all the way up to $729,750 with only 3.5% down in many counties and cities such as San Francisco, San Jose, Alameda County, Los Angeles, Orange County and more. And many other areas such as San Diego are close to these FHA loan limits.
- FHA loan down payment is only 3.5% and that can all be a gift from a relative
- FHA loan guidelines allow for 55.9% debt-to-income (DTI) ratios where conventional loans with <20% down require 41-45% DTI. This allows you to qualify for a higher priced home with FHA.
- FHA loan rates are at their lowest since the 1950′s.
Warmest Regards,
Rob Chomentowski
Sr. Loan Officer (FHA, VA, USDA, Homepath and conventional loan specialist)
858-922-7899
Credit score and credit issues are the most common reason veterans and active military members get denied for VA financing. So this blog post will summarize tips to help you maintain a good VA loan credit score while preparing to get a VA loan to buy or refinance a home in California.
- #1 is to make sure you pay everything that reports to your credit first. Items like car loans, credit cards, student loans, mortgages report payment history to the credit bureaus. So NEVER be late on these items. Items such as rent, cell phone bill, insurance, etc… do not report payment history to the credit bureaus (but they will report collections).
- If you have credit cards, make sure your balance is no more than 30% of the credit limit. This ratio will optimize your VA loan credit.
- Go through your credit report and make sure there are no errors. If there are errors have them fixed.
- If you have unpaid collection accounts, do not pay them. Yes you heard that right, paying old collections can actually lower your score because it updates them on your credit. Do not pay them before you close on your VA loan unless your VA loan officer says you have to.
- If you had a Bankruptcy chapter 7 you will have to wait two years from the discharge date to get a VA loan.
- If you had short sale you will have to wait two years from the sale of the property to get a VA loan
- If you had a foreclosure you will have to wait three years from the foreclosure date to get a VA loan
- You may think you have bad credit, but it might be still ok to get a VA loan. So definitely call and check.
And if you have credit issues, I am able to analyze your credit and set you up on a plan to be able to buy in a short period of time. I’m an expert at analyzing credit reports for VA borrowers and assisting them on improving their scores. And if there are items we can correct, I have a tool where I can update these credit fixes immediately to the credit bureaus and raise your score immediately (vs. waiting the 45-60 days for these fixed items to report naturally to the credit bureaus).
So send me an email (homeloan8@gmail.com) or call 858-922-7899 if you have any questions about your VA loan credit.
And below are some of the very most up-to-date advantages of VA loans in California today:
- VA loan limits in California can go all the way up to $962,750 with zero down in San Mateo, San Francisco, Alameda and Contra Costa County. Other counties with high VA loan limits are Los Angeles, Orange County, San Diego and Santa Clara counties.
- VA loan interest rates are still at the lowest they have been since the 1950′s
- You can often get a VA refinance loan on a jumbo loan size to 90% of the property’s value where this would not be available with conventional financing.
- VA streamline refinance loans can be done very painlessly with no income or asset documentation
Best Regards,
Rob Chomentowski
Sr. Loan Officer (and VA specialist)
858-922-7899
Tips For Improving Your VA Loan Credit Score in California is a post from: VA Home Loans 858-922-7899
Homepath Mortgage Good Alternative to FHA in California is a post from: FHA,VA and Conventional Home Loans in all 50 States
Fannie Mae Homepath Mortgage is special financing only available for properties owned by Fannie Mae. There are thousands and thousands of Fannie Mae owned properties throughout the state of California, so using a Homepath Mortgage is a very viable way to own a home today. These properties are all listed on the market, they will usually state in the listing that they are “Fannie Mae Owned”. Here are some highlights of getting a Fannie Homepath loan to buy a home today in California:
- Fannie Homepath financing requires only 3% down. However I recommend at least 5% down as the homepath mortgage rates are better with at least 5% down
- Homepath mortgage does not require an appraisal
- Homepath mortgage does not have mortgage insurance. If you get a FHA loan or conventional loan with <20% down, you will have significant monthly mortgage insurance. Homepath financing does not have this mortgage insurance
- Fannie Homepath financing offers 10% down to investors buying Fannie Mae properties as rentals
- Fannie Homepath financing offers 10% down if you are buying the property as a 2nd home
- Homepath financing does not require all the condo project HOA details that FHA and conventional do.
So those are some of the really huge advantages of using a Homepath Mortgage to buy a property in California. Please send me an email at homeloan8@gmail.com or call at 858-922-7899 if you would like to get approved for Homepath Financing.
Warmest Regards,
Rob Chomentowski
Sr. Loan Officer (FHA, VA, USDA and conventional loan specialist)
858-922-7899
The majority of properties for sale across the state of California are short sales. Just like any other property for sale, you can use you VA loan eligibility to qualify for VA financing to buy short sale properties listed on the market.
A short sale is a property for sale where the owner’s mortgage balance exceeds the market price. So that owner has to go through a long negotiating period with their lender before their lender will OK the sale. Here are some bullet points to keep in mind when getting VA financing to buy a short sale in California:
- The property may be listed in the market, but the seller may not have begun the short sale negotiations. Keep in mind that it can take 2-9 mos to negotiate the short sale.
- Look for short sales that have already been approved at a price by the seller’s lender, these will go faster. Often it will state in the MLS that the short sale is “approved”.
- VA loan requirements require a termite clearance report before the VA lender will fund your loan. With short sales the seller often will not pay for termite repairs to get a clearance and either will the bank agreeing to the short sale. Keep this in mind.
- VA loan appraisals will often ask for small items to be fixed before the VA lender will fund your loan. Same as above, seller and bank most likely will not make these repairs
- Sometimes the 2nd mortgage holder on a short sale will want the seller the pay extra money to them for their 2nd mortgage. The seller will often not pay these and may ask you the VA buyer to pay for this.
Short sales can offer some super bargain buying opportunities for VA borrowers, but just keep in mind some of the above points that can make these non-standard purchase transactions.
Below are some of the most up-to-date advantages of VA financing today:
- Where many other loan programs such as FHA and conventional have tightened their lending guidelines, VA financing remains essentially unchanged & is very flexible
- VA loan guidelines require ZERO down payment
- VA loan limits go up to $962,750 with zero down in many California counties such as Contra Costa, San Mateo, San Francisco, and Alameda. Los Angeles, Orange, Santa Clara and San Diego also have very large VA loan limits with zero down payment.
- You VA loan credit score does not have to be perfect
- VA refinance loans are quick and easy and the VA loan rate remains at 60 year lows
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.
Have a wonderful Thanksgiving weekend. And a special huge thank you to active duty military serving the country away from their families during this holiday weekend. Your sacrifice is great and it is greatly appreciated.
Best Regards,
Rob Chomentowski
Sr. Loan Officer (and VA specialist)
858-922-7899
What to Watch Out For When You Get a VA Loan to Buy a Short Sale is a post from: VA Home Loans 858-922-7899
Happy Thanksgiving is a post from: VA Home Loans 858-922-7899
Get FHA Loan in California On Houses With Non-Permitted Additions is a post from: FHA,VA and Conventional Home Loans in all 50 States
There are many houses in California where previous owners have added on rooms, bathrooms and converted garages to living spaces without getting the required permits from the city to make these additions legal. These illegal additions can sometimes make it challenging to get a FHA loan to buy these properties. However, you can still get FHA loan approval to buy a property with an illegal addition on a case-by-case basis.
Here are some things to keep in mind when using a FHA loan in California to buy a house that has had some non-permitted additions:
- When the FHA appraiser appraises the property, they will not be allowed to use any non-permitted square footage in their appraisal. This means the property will have to appraise with only its original square footage
- The FHA loan appraiser will also have to comment that the non-permitted work was done in a “workmanlike manner”. This means the non-permitted additional must look decent, it can’t be completely un-professional done
- Generally if the non-permitted addition has a kitchen, this would not qualify for a FHA loan. The kitchen would have to be taken out.
So those are some quick points to keep in mind when getting a FHA home loan in California to buy a house with non-permitted work. Give us a call at 858-922-7899 or email us at homeloan8@gmail.com if you have any questions at all about any aspects of FHA loan qualification.
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
A jumbo VA loan in California is any VA loan amount over $417,000. Jumbo VA loans are gaining popularity in California since VA financing is much more lenient and not nearly as restrictive as conventional jumbo financing. There are different VA loan limits for different California counties. VA Borrowers can generally go up to 100% financing up to their counties VA loan limit. Below is a sample of California counties VA loan limits over $417,000:
- Alameda County: $962,750
- Contra Costa County: $962,750
- San Mateo County:$962,750
- San Francisco County: $962,750
- Los Angeles: $593,750
- Sacramento:$418,750
- Orange: $593,750
- San Diego: $437,500
- Santa Clara: $633,750
Many other large counties not on the above list such as Riverside, San Bernardino and Fresno have limits of $417,000 for 100% financing on VA loans in California.
You can get a VA loan beyond the above limits with a small down payment. Let’s say you live in Los Angeles County and you want to buy a $650,000 property. You would take $650,000 minus the county limit of $593,750 which equals $56,250. And then take 25% of $56,250 which equals $14,062. So to buy a $650,000 in Los Angeles with a VA loan you would only have to put down roughly $14,000.
VA jumbo loans can also work really well for a VA refinance loan. If you already have a VA loan currently, you can use the wonderfully painless VA streamline refinance loan to drop you VA loan interest rate to the current 60 year low 30 year fixed VA interest rates. But even if you do not currently have a VA loan, you can refinance to a VA loan up to 90% of the value of your property. This is particularly helpful for owners with large jumbo loans in California. If you have a jumbo mortgage in California with a high loan-to-value, it can be very difficult to refinance and take advantage of the historic interest rates today. But if you are VA eligible, you can refinance your jumbo loan to a VA jumbo loan up to 90% of the value of your property. So if you have a property in say San Diego county for example worth $900,000, you could do a VA refinance loan up to $785,000 to take advantage of today’s 60 year low VA interest rates.
So if you are VA eligible and want to buy or refinance a property in California and it is a jumbo loan amount, you may be in luck. Call or email me if you have any questions, 858-922-7899 or homeloan8@gmail.com.
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
Jumbo VA Loan In California Gaining Popularity is a post from: VA Home Loans 858-922-7899
FHA Loan After a Short Sale is a post from: FHA,VA and Conventional Home Loans in all 50 States