Because California is a â€œcommunity propertyâ€ state, VA loan requirements in California require the spouse of a VA borrower credit to be checked even if they are not going on the VA loan as a co-borrower. Â The good news is that VA financing does not care what the credit score of the non-borrowing spouse is, but they do have to count any debt obligations on that non-borrowing spouseâ€™s credit in qualification.
So you may want to not put your spouse on your VA loan Â in California if they have a lower VA loan credit score that may cause you to be denied for a VA loan. Â But remember if that spouse has any auto loan payments, student loan payments, or credit card payments, those payments will have to count as debt towards getting qualified for VA financing in California.
Also something else to be aware of, VA loan requirements state if the non-borrowing spouse has any large collection accounts orÂ judgmentsÂ on their credit reports, those will probably have to be paid to get a VA loan in California. Â Small collections below $1,000 generally do have to be paid.
So keep this all in mind when planning on getting VA financing to buy a home in California.
Below are some of the latest up-to-date benefits of VA financing in California:
Donâ€™t hesitate to emailÂ email@example.comÂ or call at 858-922-7899 if you would like to be approved for a VA loan in California. Â You can also visit us at www.socalvaloans.com
Sr. Loan Officer (andÂ VA specialist)