Question 1

Can I use a VA loan in Wildomar with a previous foreclosure?

Accepted Answer

Yes, but you need 2 years since foreclosure discharge. Some lenders approve at exactly 24 months while others wait 36 months, so timing matters when you apply.

Question 2

Do sellers in Wildomar accept VA loan offers?

Accepted Answer

Most do because VA financing closes as fast as conventional. Appraisal repairs concern some sellers, but strong offers with quick closes compete well in this market.

Question 3

What's the funding fee for Wildomar VA purchases?

Accepted Answer

First-time VA buyers pay 2.15% of loan amount, added to your mortgage. Subsequent use costs 3.30%. Disabled veterans with 10%+ rating pay zero funding fee.

Question 4

Can I buy a fixer-upper with VA financing in Wildomar?

Accepted Answer

Properties must meet minimum standards at closing. Major issues like broken HVAC or roof damage require repairs before funding, unlike FHA 203k renovation loans.

Question 5

How much income do I need for a VA loan in Wildomar?

Accepted Answer

Residual income matters more than debt ratio. A family of four needs roughly $1,100 monthly after all debts for a $500K purchase in Southern California.

VA Loans in Wildomar: Zero Down Payment for Service Members