Orange County home buyers, both First Time home buyers and move-up home buyers, are finding out quickly that the days of 100% financing are in the past. However, there is still a program available that will allow for 100% financing. The catch is you need to be a Veteran.
Orange County VA Loan Limit for 2009
Most areas of California have a loan limit of $417,000 for 100% financing. Veterans are allowed to go with a higher loan amount, but a down payment is required. However, Orange County is considered a “high cost” county. VA eligible home buyers can purchase a home for $737,500 with $0 down payment. The limit is the same in Los Angeles. In San Diego the 100% financing limit is $593,750, while in San Bernardino/Riverside the limit is $417,000.
What is the VA NO NO?
Commonly referred to as the VA NO NO, this refers to when the VA homebuyer negotiates to have the seller pay all of the closing costs, including originations fees, title, escrow, recording, insurance, taxes, and interest. The VA buyer can literally buy a home with ZERO money out of pocket.
First time buyers can even get paid to buy a home if they are able to take advantage of the $8,000 Federal Tax Credit for First Time home Buyers. Anyone who hasn’t owned a home during the last three years is considered a First Time Buyer. There are certain limitations, especially in regards to income limitations (or maximums). This program is scheduled to end November 30, 2009, so anyone who is planning to take advantage if the tax credit needs to act quickly.
Where Does an Orange County Veteran go for a VA Loan?
You just need to find an Orange County VA Lender. It helps if they have the ability to actually fund the loan rather than just originate the loan and “broker” to another company for funding. You will also want to find a loan officer who is an Expert in VA Financing and can explain the benefits, as well as give accurate estimates of the payment and closing costs associated with a VA loan.
One of the best things about a VA loan is the VA Streamline Refinance program, also know as the IRRRL, or Interest Rate Reduction Refinance Loan. This program allows current VA borrowers to lower their interest rate with very little hassle.
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