From the monthly archives:

May 2010

Good News for Orange County VA Loan Borrowers | Condo Buyers to Benefit

by Tim Storm on May 22, 2010

This week the VA released VA Circular Letter 26-09-19, which contained good news for Orange County VA loan borrowers trying to purchase a condo. The Circular clarified the VA position as to whether they would allow a VA loan on an FHA approved condo. Up until recently, VA had allowed VA financing on Orange County condo projects that were either on the VA approved list or the FHA approved list. However, at the beginning of 2010 FHA changed their condo approval guidelines, which resulted in VA changing their position and not allowing VA financing on FHA approved condo projects.

Orange County VA Approved Condos

Orange County VA Approved Condos

Why is This Good News for Orange County VA Loan Borrowers

This is great news for Orange County VA loan borrowers who are searching for a condo to purchase. The VA condo approval list in Orange County is somewhat limited. There are quite a few properties that are on the FHA approved condo list which are not on the VA list. Now that VA is allowing FHA approved condo projects for VA loans, Orange County Veterans have more properties available to them. There are a few guidelines and dates to keep in mind.

  • VA can accept HUD/FHA/USDA condominium approvals if the project approval was dated prior to December 7, 2009.
  • VA cannot accept HUD/FHA/USDA condominium approvals if the project approval was dated on or after December 7, 2009.
  • VA cannot accept phases annexed into the project approved by HUD/FHA/USDA if the annexation occurred on or after December 7, 2009. If this is the case then VA will need to review an full project approval package for the entire project.

How Do I find VA Approved Condo Projects in Orange County, CA

It is still tricky to find out if a particular condo is VA or FHA approved if all you have is an address.  But it’s not too difficult to get a list of approved FHA and VA condo projects within a city or zip code. Just go to the FHA or VA condo approval sites and search by whatever geographical location indicator you wish.

It can be very helpful to consult with an experienced Orange County VA Loan officer who can not only help you to find approved condo projects, but can also take care of the first step in buying a home, which is to get Prequalified and then PreApproved for the mortgage. Once PreApproved for a VA loan, you will be able to confidently make an offer on a home.

Authored by Tim Storm, an Orange County, CA  VA Loan Officer MLO 223456– Please contact my office at Alpine Mortgage Planning 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) ochomebuyerloans.com

* Alpine Mortgage Planning is licensed and supervised by the Department of Corporations under the California Residential Mortgage Lending Act. NMLS 81395.

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Orange County, CA VA Loan Borrowers May Still Be Eligible for Federal Tax Credit

by Tim Storm on May 16, 2010

Orange County, CA VA loan borrowers may still be eligible for the $8,000 First Time Buyer Tax Credit. For everyone else the First Time Buyer tax credit expired if they did not have an offer to purchase a home accepted by April 30, 2010. But military home buyers may still have time provided they meet certain qualifications.

Who Qualifies for the Military Extension of the Tax Credit? Must be a member of the “uniformed” services?

  • A member of the “uniformed” services, or
  • A member of the Foreign Service of the US, or
  • an employee of the intelligence agency
  • a spouse of any of the above

Are the additional qualifications if an Orange County VA Loan Borrower is interested in the Tax Credit?

Yes, they must have had:

  • Extended duty outside the US for 91 days, or
  • Extended duty outside the US for 91 days and had to relocate more than 50 miles from principal residence, and
  • All this happened between the dates of January 1, 2009 and April 30, 2010.

How Long is the Tax Credit Extended?

Orange County, CA VA loan borrowers have been given an extra 12 months to get an accepted offer on a home. They must have an accepted offer by April 30, 2011, and then they must close escrow by June 30, 2011.

There are a few more items to keep in mind with this extension. To clarify the qualifications, an Orange County VA loan borrower is eligible for the tax credit if they had extended duty, which could be inside or outside the US and is longer than 90 days, and had to move more than 50 miles from their primary residence.

$0 Down for Orange County VA Loan Borrowers

The VA Loan Limits vary from county to county. The VA loan program is really about the only program available for Orange County home buyers to purchase a home with $0 down. While the max price allowed for most of the United States for 100% financing on a VA loan is $417,000, Orange County is considered a “high cost” county because of the high prices of homes. Because of this, an Orange County VA loan borrower can purchase a home for $593,750 with $0 down payment. Los Angeles has the same limit, while San Diego cap’s out at $437,500. The Inland Empire max is $417,000.

The Time to Buy an Orange County Home is Now

In addition to the Federal First Time Buyer Tax Credit, there is also a $10,000 California First Time Buyer Tax Credit. So VA loan eligible borrowers could actually get $18,000 just for buying a home (and with $0 down). With home affordability at an all time high, now is a great time for Orange County VA loan eligible first time buyers to take the next step and get PreApproved for a VA loan.

Authored by Tim Storm, an Orange County, CA  VA Loan Officer MLO 223456– Please contact my office at Alpine Mortgage Planning 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) ochomebuyerloans.com

* Alpine Mortgage Planning is licensed and supervised by the Department of Corporations under the California Residential Mortgage Lending Act. NMLS 81395.

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