The graph below show home prices are have been raising fairly quickly over the last few months. Inventory of homes is a little lower than normal there is some competition to buy a house but with Interest rates that are so low, a little bit of extra effort is going to reward for years to come.

Below are the VA loan limits in various counties across California.  Keep in mind that you can go above these VA loan limits if you come in with a down payment of 25% of the difference between the county loan limit and the purchase price.  For example if you bought a $750,000 home in Orange County with a VA loan limit of $625,000.  You would take $750,000 minus $625,000 which equals $125,000.  Then take 25% of $125,000 which is $31,200.  So $31,200 would be your down payment on a $750,000 house in Orange County.  Below are the VA loan limits with zero down payment:

• ALAMEDA                         $625,500
• CONTRA COSTA                $625,500
• LOS ANGELES                   $621,000
• MARIN                                   $625,500
• NAPA                                     $460,000
• ORANGE                               $621,000
• SAN BENITO                       $625,500
• SAN DIEGO                          $477,000
• SAN FRANCISCO               $625,500
• SAN LUIS OBISPO             $457,700
• SAN MATEO                        $625,500
• SANTA BARBARA             $598,000
• SANTA CLARA                   $625,500
• SANTA CRUZ                      $610,650
• SONOMA                              $419,750
• VENTURA                            $518,650
• Sacramento                         $417,000
• San Bernardino                    $417,000
• Riverside                                $417,000
• Fresno                                  $417,000
• Shasta                                   $417,000

So I hope this helps you determine the maximum VA loan limit in your county.   Please feel free to give us a call at 858-922-7899 or email at homeloan8@gmail.com if you have any questions.

Below are the most up-to-date highlights of VA home loans in California:

• VA loans require zero down payment
• VA home loan rates are at all time lows
• VA home loans have no monthly mortgage insurance
• VA loan credit does not have to be perfect, call us if you would like to discuss your credit we can help
• VA home loan cash out refinances up to 100% of property value

Best Regards,

Rob Chomentowski

Great news if you are looking to buy or refi your VA Loan. Mortgage rates are so incredibly low it just makes sense to buy or refi a home right now.

Good news for prospective homebuyers, bad news for those looking for signs of economic life in housing: Mortgage rates hit new record lows last week.

We’ve been following the weekly rates as the housing bulls and bears continue to declare bottoms and not-bottoms.  Freddie Mac said Thursday the 30-year mortgage rate fell for a second week, to 3.84%, down from its previous all-time record low of 3.87% on February 9. The 15-year fixed average also fell to a new all-time low of 3.11%.

The 30-year rate hit a recent high of 4.08% in March but has been unable to top 4% since. Last year at this time, it averaged 4.71%.

Call Us to discuss your needs.

http://finance.yahoo.com/blogs/the-exchange/mortgage-rates-hit-record-lows-141700703.html

In today’s economy there are many people (and veterans included) who have been laid off or been unemployed for extended periods of time, but are now back on the job working full time.  If you have been out of work 0-5 months, VA home  loan requirements only need you to be back working for 30 days in order to apply for a VA home loan.  What you need to be able to provide is a 30 day paystub for the loan application.  However, if you have been out of work for 6 months or more, VA loan guidelines will require you to be back working for six months until you can apply for VA financing.  Of course in most cases you will have to be back working in a similar line-of-work that you were working in prior to your gap in employment.

Additionally, it is best if you are on a salaried type job if you have a gap in employment.  If you are on a commission type job, paid in large bonuses or paid hourly, it may be a bit more complicated to get you’re approved for a VA loan after a large gap in employment.

So I hope this helps you to understand that you have a excellent chance of qualifying for a VA loan in California even after major gaps in your employment.  Please don’t hesitate to call 858-922-7899 or email homeloan8@gmail.com if you have any additional questions about VA home financing in California.

Below are some of the most up-to-date highlights of VA home loans in California:

• VA loan limits in California for 100% VA financing are $621,000 in Los Angeles, Orange County, Anaheim, Santa Ana.  VA loan limits in the Bay Area are $625,000 in San Jose, San Francisco, Oakland, Contra Costa County.  VA loan limits in San Diego are $477,000.  Much of the rest of California has VA loan limits of $417,000 (Fresno, Redding, Stockton, Sacrament0, etc…)
• You can go above the VA loan limits in California with just 25% down of the difference between your purchase price and the VA loan limit
• Veterans who receive disability get the VA funding fee waived
• VA financing is 100% zero down financing with NO monthly mortgage insurance
• VA home loan rates are near 60 year lows
• VA loan credit does not have to be perfect, give us a call and we can assist you with analyzing and improving your credit
• VA streamline refinance loans are a quick and easy way to drop your VA loan rate without appraisal or income documentation
• VA cash out refinance loans up to 100% of the value of your home

Best Regards,

Rob Chomentowski

858-922-7899,

homeloan8@gmail.com

Sr. Loan Officer (and VA specialist)

If you have gone through a short sale or foreclosure you should watch this video from abc.

You can read the article http://abcnews.go.com/US/va-woman-fights-collect-10-million-debt-collectors/story?id=16205697#.T5l2q6tDzQg

VA home loan requirements allow borrowers to refinance into a VA loan up to 100% of the property’s value.   VA is the only loan type available that allows a refinance up to 100% of the property value.  Even if no cash is taken out, it is considered a cash-out refinance when a borrower refinances from a non VA loan to a VA loan.  So if you currently have a conventional loan or a FHA loan, you can refinance to a low rate 30 year fixed VA loan up to 100% of the value of our property.

Now if you actually want to pull spendable cash out of your home into your pocket with a VA loan refinance, the maximum you can go is 95% of the property value.  95% is still the highest loan-to-value you can go on a cash-out refinance of any loan type.

There are many reasons you many want to do a VA home loan refinance:

• Consolidate high interest credit card or other debt into your mortgage.  You can use a VA loan refinance to take high interest credit card debt and roll it into your mortgage where it becomes tax deductible and at a very low 30 year fixed VA interest rate.
• Refinance from a higher rate or adjustable conventional loan to a low rate 30 year fixed VA loan.
• Take cash out for areas in life you require liquid cash funds at a low 30 year fixed interest rate
• Lower your interest rate if you already have a VA loan with a VA loan IRRRL streamline refinance

If you do a cash out VA home loan or a refinance from a conventional loan to a VA loan, it is a full credit qualify loan.  You will need to supply income documentation and a property appraisal will be ordered.   If you already have a VA loan and just want to lower your interest rate, a VA streamline refinance can be done without any income documentation or appraisal.

Please don’t hesitate to call at 858-922-7899 or email at homeloan8@gmail.com if you have any questions about a VA home loan refinance.

Rob Chomentowski

858-922-7899,

homeloan8@gmail.com

Sr. Loan Officer (and VA specialist)

VA financing is the most forgiving type of mortgage financing today when it comes to the waiting period after foreclosure to get new home financing. VA home loan requirements state that a borrower only had to wait two years after a foreclosure to apply for a VA loan in California.
The key date you have to look for to begin counting the waiting period is the date the deed to the property transferred out of your name from the foreclosure. Give us a call if you would like us to look this date up for you.
Additionally, VA loan requirements want you to not have any derogatory items on your credit score after the foreclosure. You want to make 100% sure you are not late on any of your credit cards, student loans, car payments, etc… VA loan guidelines also generally want you to have at least a 640 credit score following a foreclosure.
So that is good news that only two years after a foreclosure you can be back in the California housing market and take advantage of the current low prices and low interest rates to establish a nice home for your family and a nice investment.
Please don’t hesitate to call us at 858-922-7899 or email us at homeloan8@gmail.com if you have any questions about VA home financing in California.
Below are some of the highlights of VA home loans in California today:

• VA loan limits in Los Angeles, Orange County go up to $621,000 with zero down. San Francisco, San Jose, Oakland go up to $625,000. San Diego VA loan limit is $477,000. Most of the rest of California such as Fresno, Riverside, Redding, Stockton, Sacramento go up to $417,000 with zero down
• VA lending is 100% financing with no down payment
• VA loan interest rates are still at record lows
• VA home loans do not have any monthly mortgage insurance
• The VA funding fee is waived for veterans who receive disability pay
• VA loan requirements only need a two year wait after a short sale, bankruptcy or foreclosure

Best Regards,
Rob Chomentowski
858-922-7899, homeloan8@gmail.com
Sr. Loan Officer (and VA specialist)