If you have had a previous short sale, foreclosure, deed in lieu, or non re-payment of a VA loan in the past you still may have eligibility for a 100% financing VA loan.   What happens when VA does not get repaid in full for a VA loan that a borrower had in the past, is they have a record of the amount they did not get repaid.    This is reflected as the amount your entitlement is charged.   However their is a formula for how much VA eligibility you have remaining.

Let’s say you bought a $190,000 house 10 years ago and had a foreclosure and VA shows 42,000 of your entitlement charged.  And let’s say you want to buy a home with a VA loan in Los Angeles County California.  The VA loan limit in Los Angeles County is $700,000.  So you would take $700,000 X25%=$175,000.  $175,000 is the VA insurance benefit in Los Angeles County.  Then you would take $175,000 MINUS the previous loss VA took from your foreclosure of $42,000 which is $133,000.  Then take $133,000X4=$532,000.  So despite your prior foreclosure you would still have enough VA eligibility left to get a $532,000 VA loan with zero down in Los Angeles County.

So the first step into researching your current eligibility is to send us an email at homeloan8@gmail.com or call us at 858-922-7899 and we can research your current VA eligibility.   What we will do is send you a request for VA eligibility form and to have you fill out this out and send us back your DD214.  With these 2 items we can check your VA loan eligibility.

Please don’t hesitate to call or email if you have any questions or would like to be approved for a VA loan in California.

Some nice features of VA home loans in California:

• Veterans that receive VA disability pay are EXEMPT from the VA funding fee
• VA home loans do not have any monthly mortgage insurance
• VA home loans are zero down payment 100% financing loans

VA Loan Guidelines For Partial Eligibility in California is a post from: VA Home Loans Call Rob 858-922-7899

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