VA Loan Program for Orange County Veterans
The VA Loan program offers 100% financing in Orange County up to a limit of $679,650 in 2018.
The VA loan program is only available to those that are eligible Veterans, making it a fairly unique program.
And for those that are eligible, this program can save thousands in down payment.
The program can be used to purchase a home, refinance an existing mortgage.
Benefits of the VA Loan Program for Orange County Veterans
- 100% Financing to county VA loan limit. Orange County 100% limit is $636,150.
- Jumbo VA Loans to $2,000,000
- No monthly mortgage insurance, even with no down payment
- 30 year Fixed Rates
- Perfect credit not required – qualify only two years after foreclosure or short sale
- Flexible qualifying – high debt to income ratios compared to other loan programs
Who is eligible for a VA loan?
- Veterans with active duty service that was not dishonorable, during World War II and later are eligible for the VA loan program. Veterans need to have at least 90 days active duty service if they served during WWII (9/16/1940 – 7/25/1947), Korean (7/27/1950-1/31/1955), or Vietnam wars (8/5/1964-5/7/1975)
- Veterans with service during peacetime periods and active duty military personnel must have had at least 180 days of active service.
- Veterans of enlisted service which began after September 7, 1980, or officers with service beginning after October 16, 1981 must in most cases have served at least two years.
A VA loan officer can quickly retrieve your “Certificate of Eligibility”, which will show the lender whether you are eligible. The COE will also show whether you have used your VA eligibility before and whether or not you qualify for a Funding Fee waiver.
I’m a Veteran
The First Step for an Orange County Veteran buying a Home
The first step for a Veteran in Orange County when buying a home is to talk to a local Orange County VA lender. The lender should be able to prepare custom VA loan scenarios with details on the purchase price, loan amount, payment, closing costs, and amount needed to close (if any). The Veteran will then want to go through the loan PreApproval process, which should only take a few days.