As the California economy goes through some tough times, sometimes veterans are forced to go through bankruptcy protection. However, many veterans in a short time period will get back on their feet and re-establish their credit, and soon want to take advantage of today’s low home prices in California and get a VA loan to buy a new residence. Well, one great benefit of VA homeloans is that VA loan requirements allow you to qualify for a VA loan only two years after a Chapter 7 bankruptcy discharge.
So if you have had or will have a Chapter 7 bankruptcy, do NOT believe you cannot buy a home again! Quite the contrary, you may be able to get a VA loan with 100% financing right now or in the near future. A couple of things to keep in mind after your Chapter 7 bankruptcy in preparing qualify VA loan:
- Try to re-establish you credit after the Chapter 7 bankruptcy by getting some low balance store credit cards or secured credit cards and keep a very low balance and pay off monthly
- Do NOT ever miss a payment on ANYTHING that reports to your credit after your bankruptcy discharge. VA lending is generous in giving you a chance to get a VA loan to buy a home only two years after a Chapter 7 bankruptcy, but they do not like it if they see ANY late payments reporting to your credit AFTER your bankruptcy discharge.
So there you have it. If it has been two years since your bankruptcy 7 discharge or it is getting close and you want to get a VA loan buy a home in California, give me a call or email and we can discuss (858-922-7899 or homeloan8@gmail.com).
And below are the most up-t0-date highlights of VA financing in California today:
- Jumbo VA loan limits in California can go up to $962,500 with 100% financing in San Francisco, San Mateo and Alameda counties, and $593,750 in Los Angeles and Orange County
- VA loan interest rates are at the lowest in history
- VA loan streamline refinance IRRRL loans can allow you to drop you rate to today’s historic low rate and lower your monthly payment substantially
- VA loan bad credit…if you think you have “bad credit” it may not be that bad and you may still be able to qualify for a 100% VA loan
Give me a call (858-922-7899) or email (homeloan8@gmail.com) if you have any questions or want to apply for a VA loan.
Warmest Regards,
Rob Chomentowski
Sr. Loan Officer (and VA specialist)
858-922-7899
Get a VA Loan Only Two Years After Chapter 7 Bankruptcy in California is a post from: VA Home Loans 858-922-7899
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