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No Better Time to Get A VA Loan in Orange County

There has not been a better time in years to get a VA loan in Orange County! VA offers $0 down payment to a 2010 loan limit of $593,750, something no other loan program will do. This high loan limit also will work in Los Angeles. VA loans are possible above the 100% financing limit, but require a small down payment.

Orange County VA Loans above $593,750

It is possible to purchase a home in Orange County at a price above $593,750 with a VA loan, although a small down payment is required. The down payment is equal to 25% of the difference between the 100% financing limit and the purchase price of the home. For example, if a VA eligible home buyer is purchasing a home in Irvine for $693,750, or $100,000 greater than the Orange County VA 100% financing loan limit, then the VA buyer would need to come in with a $25,000 down payment. ($100,000 x 25% = $25,000).  That is only a 3.6% down payment. Still a great deal. The only other loan program that even comes close is the FHA loan program, which will allow a minimum 3.5% down payment up to a loan amount of $729,750. That translates to a purchase price of approximately $755,000 with only 3.5% down payment for an Orange County FHA loan!

Advantage of a VA Loan Versus FHA in Orange County

The main advantage is, of course, the lack of down payment. But another big advantage for the VA loan program is the fact that even with $0 down payment, there is no Monthly Mortgage Insurance. FHA requires Monthly Mortgage Insurance equal to .55% when the loan amount is greater than 95% loan to value. A $400,000 FHA loan would have a Monthly MI of $166. A VA borrower would not have this extra expense.

PreApproval is the First Step for Orange County VA Buyers

The first step in buying a home for Orange County buyers is to get PreApproved by a local Orange County VA lender. These days, sellers will not even entertain an offer from a potential home buyer who hasn’t first talked to an Orange County Direct Lender. Finding an experienced lender who can prepare multiple customized loan scenarios based on your qualifications is important. Asking all the right questions on day 1 is also very important. Finding the right lender will help to make the home buying process a great experience.

Authored by Tim Storm, an Orange County, CA Loan Officer – Please contact my office at Trust One Mortgage Corporation for more information about an Orange County, CA home loan.  877-786-4243 x 7.

www.OCFHALoans.com

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) CaliforniaVALoanExpert.com

*Trust One Mortgage Corporation is licensed and supervised by the California Department of Real Estate (“DRE”), License # 01087829

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Orange County VA Loans 100% Financing