The good news is it only takes a two year wait after having a foreclosure to get a VA home loan in California. In this economy many veterans across the state of California have lost their home to foreclosure in the past few years, but many of those veterans are already eligible to use a VA home loan to buy once again with 100% financing. It is also one of the better times in history to buy a home in California with VA financing for a number of reasons:
So if it’s been two years since you had a foreclosure, it is really an opportune time to get back on your feet and buy a home with your VA eligibility and be much better off than when you owned the first time with a 30 year fixed VA home loan. With a sustainable payment long term at prices California hasn’t seen for almost ten years. If you apply for a VA loan after a foreclosure, you are going to want to make sure that after your foreclosure you have re-established credit and have no derogatory items on your credit. Your VA loan credit score only has to be 620 to get a VA loan after a foreclosure in California. But you will want to have some active lines of credit that show you have paid without any late payments after the foreclosure. A key factor is to check what date the deed of the property on the foreclosure transferred out of your name. This is the date the two year period starts before you are eligible for a VA home loan again.
Below are some other great advantages of VA home loans in California: