Orange County FHA, VA & First Time Buyer Loan Information

My goal is to provide valuable information for home buyers, both First Time Buyers and Move Up Buyers. This information will be about loan programs such as FHA ,VA, Conventional Fannie Mae and Freddie Mac, Reverse Mortgages, and even Portfolio Jumbo programs. I will also touch on tax advantages of homeownership, Rent vs. Own analysis, and any other aspect of loans and home ownership that will be of interest to Orange County home buyers and homeowners.

2013 a Big Year for VA Loans in Orange County, CA

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.

Jumbo VA Loans

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.

Find Tim Storm on Google+

 

Subscribe to my blog Via Email:  Enter your email address:

Delivered by FeedBurner

Comment balloon 1 commentTim Storm • August 27 2013 11:09PM
2013 a Big Year for VA Loans in Orange County, CA
share
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… more
Advantages of Refinancing out of an FHA Loan
share
The FHA loan program is a great way to buy a home in Orange County, CA. FHA allows for a low down payment and fairly flexible qualifying. However, it does come with a price. The Monthly Mortgage Insurance, which was fairly low a few years… more
The Difference Between CalVet and the VA Loan Programs for Orange…
share
In Orange County, CA Veterans have a few different options when it comes time to purchase a home. They can either go with a $0 down standard VA loan, or the CalVet program which also has options for $0 down. But which is better? It can depend on… more
Lower VA Funding Fee Means Savings for Orange County Veterans
share
The Department of Vertans Affairs announced on September 8, 2011, via VA Circular 26-11-12, that the Funding Fee will drop lower for VA loans closed on or after October 1, 2011. While we rarely get good news on the lending front these days, it is… more
VA Loan Limit in Orange County at $700, 000 Until December 2011
share
The VA Loan Limit in Orange County will remain at $700, 000 on Zero Down purchases until December 2011 This "high balance" 100% financing loan limit is good through December 31, 2011. While the FHA and Conventional (Conforming) loan… more
How an Asset Depletion Loan Benefits Wealthy Orange County Homebuyers
share
The Asset Depletion mortgage loan is a great program for helping wealthy Orange County, CA home buyers qualify for a loan despite not having "enough" verified income on their tax returns. Over the past few years homes in upper end… more
Pledged Asset Mortgage Allows for 90% Financing on Jumbo Loans in…
share
Jumbo Loan financing in Orange County is making a comeback, as can be seen by the usage of the Pledged Asset Loan program The Pledged Asset loan program allows a home buyer to buy a luxury home without continuing to control assets that would… more
Mortgage Loan Programs Available for Foreign Nationals in Orange…
share
Foreign Nationals have had a difficult time finding financing to purchase homes in California. But over the past few months some Portfolio lenders have begun to offer home loans for this "niche". While this is truly a "niche"… more
Zero Down to $700, 000 in Orange County, CA with a VA Loan
share
Yes, it is possible to purchase a $700, 000 home in Orange County, CA with NO Down Payment, ZERO DOWN, using a VA loan While there are some lenders who may not allow it, according to VA loan guidelines, Orange County VA lenders can fund 100%… more
Orange County FHA Loan Limits for 2011 to remain at 2010 Levels
share
The 2011 FHA loan limits in Orange County will remain at the high levels seen in 2010. Los Angeles and Orange Counties will continue to have a maximum loan amount of $729, 750 for a One unit property The amazing thing about FHA continuing to allow… more