The good news is the your VA loan credit score does not have to be perfect to get a 100% financing VA loan to buy a home in California, or to complete a VA loan refinance. You can get a VA loan in California with generally down to a 600 credit score as long as you do not have any late payments in the last 12 months. Additionally, you can have prior collection accounts and other derogatory accounts in your past and still qualify for a VA loan. You do have to show that for the past 12 months you have been responsible with your credit have made payments on time. In addition, even if your VA loan credit is currently not good enough to immediately qualify for a VA loan, we are experts in analyzing your credit report and assisting you to take the necessary actions to raise your score. We have a tool we use that allows us to update your credit report in 2-5 days if we find any mistakes that can be removed or we have you pay down credit cards to 30% or less than your credit limit. This can allow us to quickly get you VA credit score where it needs to be to get the loan. Below are some general bullet points and tips about VA loan credit scores:
- You can get a VA loan only two years after a short sale, foreclosure or chapter 7 bankruptcy
- If you have medical collections, VA loan requirements generally do not require those to be paid off
- VA loan guidelines state that as long as you are making payments on a tax lien, you can still qualify for a VA loan
- VA loan credit scores improve if you keep your credit card balance at 30% or less than your credit limit
- VA home loan lenders like to see older accounts, so try not to cancel your older trade lines
So I hope this helps you understand VA loan credit requirements and ways to improve your VA loan credit score. If you have any questions about getting approved for a VA loan in California don’t hesitate to email me a homeloan8@gmail.comor call at 858-922-7899. Here are some other benefits of VA loans in California:
- VA lending is the only 100% financing zero down loan available today
- VA loan limits in California for 100% financing go up to $1,000,000 in San Francisco, Oakland, and Alameda County. VA loan limits go up to $700,000 with zero down in Orange County areas like Anaheim, Santa Ana, Fullerton and more. VA loans also go to $700,000 in Los Angeles County. San Diego VA loan limits
- VA loans have NO monthly mortgage insurance
Best Regards, Rob Chomentowski 858-922-7899, homeloan8@gmail.com Sr. Loan Officer (and VA specialist)
VA Loan Credit Tips in California is a post from: VA Home Loans Call Rob 858-922-7899
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