2013 is shaping up to be a very big year for VA loans in Orange County, CA. Orange County, which is home to more Veterans than most counties in the country, has experienced increased use of VA financing during Orange Counties resurgent real estate market.
Reasons for VA Financing
Many Orange County Veterans are not even aware that they qualify for a VA loan. Many veterans think VA can only be used one time, or is for first time buyers in low price ranges. But that could not be further from the truth.
VA can be used multiple times. And in Orange County, where homes sell for more than in most counties, VA allows $0 down financing up to a purchase price of $668,750. That is enough to buy a nice home.
Not only will VA allow financing up to $668,750, but many lenders will actually fund VA loans as high as $1,500,000. A down payment is required when the loan amount is higher than the 100% financing limit. But the down payment only needs to be 25% of the difference between the purchase price and the 100% limit.
Refinance into a VA Loan
Many Veterans are also realizing that they are able to refinance into a VA loan from their FHA, Conventional, or Jumbo loan. For those Veterans with less than 20% equity in their home, a refinance into a VA loan will not have mortgage insurance like other types of financing would have. You can even pull cash out to consolidate debt or improve your home up to 90% of the property value.
The first step an Orange County Veteran should take is to talk to local Orange County, CA VA loan specialist who can prepare custom loan scenarios, as well as Side by Side loan analysis.