How to Buy an Orange County Home With $0 Down Using a VA Loan
It is still possible to purchase a home in Orange County with $0 down if you are eligible for a VA home loan. VA has been around for a long time and has many advantages for those that qualify.
What are the Benefits of a VA loan versus an FHA loan for Orange County home buyers?
While FHA requires a 3.5% down payment, which is great, VA does not require a down payment. Both FHA and VA allow the seller to pay all closing costs, which means that VA eligible home buyers can purchase a home with no money out of pocket. Also, FHA has monthly mortgage insurance, which is essentially equal to a .55% interest rate increase. VA does not have any monthly mortgage insurance. On a $300,000 loan amount this would calculate to a $137 a month savings for the VA home buyer.
**** Beginning October 1, 2009, it will be very difficult to get FHA financing on a condo. FHA has ended the Spot Approval program and has also now decided to start their condo approval list from scratch. VA actually has their own Orange County, CA VA Condo Approval list. This means VA home buyers will have a big advantage when purchasing condo's.***** Updated Sepember 13, 2009.
One great benefit that both FHA and VA have is the Streamline Refinance program. The VA Streamline Refinance, also know as the IRRRL, does not require an appraisal or income qualifying. If rates have dropped, this program makes it very easy for a VA borrower to take advantage of lower rates.
How Do I Find Out if I am Eligible?
To obtain VA home loan veteran benefits you must have served on active duty in the Air Force, Army, Coast Guard Navy or Marine Corps and have been honorably discharged. You may still be entitled to benefits if you were discharged under other than honorable circumstances. This requires further research by the VA. In the end the VA makes the final determination.
The first thing you need to obtain in order to use your VA Entitlement is a VA Certificate of Eligibility. If you do not have one already we would be happy to assist you in getting one. The process is quick and easy. Just call our office and we will be glad to send out to you a VA Form 26-1880 or request for COE. Simply fill it out and return it to the VA and you should have your COE within a couple of weeks. If you are in a hurry, you may visit your local VA Office and have your COE in as little as one day.
What are the Orange County, CA VA Loan Limits?
For 2009 the VA loan limits for $0 down financing in Orange County, CA are $737,500. That is quite a bit higher than the limits have ever been.
Who Actually Funds Orange County VA Loans?
You just need to find an Orange County VA Lender. A Direct VA Lender will process, underwrite, and fund your VA loan, rather than just originate and then "broker" to another lender. You will also want to find a loan officer who has experience with VA loans and can provide you with a loan scenario showing a complete break down of the purchase price, loan amount, payment, and closing costs involved with a VA loan. It is important to get as educated as you can on all that goes into getting a VA loan before you actually begin making offers on homes.Authored by Tim Storm, an Orange County, CA Loan Officer – Please contact my office at Frost Mortgage Lending Group for more information about an Orange County, CA home loan. 877-786-4243 x 7.
Contact us for your Orange County VA Mortgage:
Call our office today and see how we can help you and your family. Ask for your Free First Time Home Buyer Report.
877.786.4243 x 7 | tstorm (at) ochomebuyerloans.com
* Licensed by California Dept. of Real Estate. Lic. # 01190897
Posted by Tim Storm at 6/28/2009 3:26 PM 
Categories: First time buyer $8000 tax credit,First Time Buyer,First Time Home Buyer,Irvine Mortgage,Orange County First Time Buyer
Tags: va home loan orange county va loan orange county first time home buyer
Categories: First time buyer $8000 tax credit,First Time Buyer,First Time Home Buyer,Irvine Mortgage,Orange County First Time Buyer
Tags: va home loan orange county va loan orange county first time home buyer
Thanks for sharing the FHA information.
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