We have a special niche in the market where we are able to qualify borrowers for a VA jumbo home loan only one year after a short sale in San Diego (this applies to all of California). You only have to wait for 12 months to pass before you can once again fully qualify for a jumbo VA loan.
What is a VA jumbo loan? A VA jumbo loan is a VA loan that is over $417,000. Many lenders will require you to wait 3-7 years after a short sale to apply for a VA loan if it is over $417,000. We do not have this restriction.
You want to make sure that your credit has no derogatory items in the 12 months following your short sale. Make sure everything has been paid on time and there are no issues.
VA loan limits are very high across the state of California. Below are some examples of VA loan limits in high population counties:
- Los Angeles and Orange County:$668,750
- San Diego County: $500,000
- Alameda, Contra Costa, Marin, San Francisco, San Mateo: $987,500
- Santa Clara:$823,750
You can go above these loan limits you just have to put down 25% of the difference between the purchase price and the VA loan limit for you county. Please call or email if your county is not listed above.
So I hope this is exciting news for you that you can qualify for a VA jumbo loan only one year after a prior short sale.