Who is Eligible for a VA Loan in Orange County, CA

VA financing is the best way to purchase a home for $0 down in Orange County, if not the only way. The catch is, the borrower needs to be eligible for VA financing. There are several general rules to determine eligibility.

Military Service Requirements for Determining VA Eligibility

It is important to note that if the discharge was not “honorable” then further research is required by the VA.

Wartime Service

  • WWII: 9/16/1940 to 7/25/1947
  • Korean: 6/27/1950 to 1/31/1955
  • Vietnam: 8/5/1964 to 5/7/1975
  • Persian Gulf War – See Below
  • Afghanistan and Iraq – Check with the VA Website for eligibility guidelines for current service in Afghanistan and Iraq.

Persian Gulf War – Service during period 8/2/1990 to date yet to be determined.

  • Completed 24 months of continuous active duty or the full period (at least 90 days) for which you were called or ordered to active duty, and been discharged under conditions other than dishonorable, or
  • Completed at least 90 days of active duty and been discharged under the specific authority of 10 USC 1173 (Hardship), or 10 USC 1173 (Early Out), or have been determined to have a compensable service-connected disability, or
  • Been discharged with less than 90 days of service for a service-connected disability.  Individuals may also be eligible if they were released from active duty due to an involuntary reduction in force, certain medical conditions, or, in some instances, for the convenience of the Government.

Peacetime: Service During the Following Periods

You must have served at least 181 days of continuous active duty and been discharged under other than dishonorable conditions.  If you served less than 181 days, you may be eligible if discharged for a service connected disability.

  • 7/26/1947 to 6/26/1950
  • 2/1/1955 to 8/4/1964Enlisted veterans whose service was during the time periods listed below, must normally have served at least two years.
  • 5/8/1975 to 9/7/1980 (Enlisted)
  • 5/8/1975 to 10/16/1981 (Officer)

Personnel Who are on Active Duty

If you are currently on Active Duty (not training) , you are eligible once you have served 181 days (or 90 during the Gulf War).

Selected Reserves and National Guard

You are also eligible if you have completed 6 years in the Selected Reserves or National Guard and the following apply:

  • Honorable Discharge, or
  • You were placed on the retired list, or
  • You were transferred to the Ready Reserve after an honorable discharge, or
  • You continue to serve in the Selected Reserves

You may also be eligible even with less than 6 years if you were discharged for a service related disability.

There are a few others ways in which eligibility can be attained. If you feel that you may be eligible but you are not sure, you should check directly with the VA.

The Quick Way for an Orange County, CA  Veteran to Check VA Loan Eligibility

For those that are eligible, the first step is to get your Certificate of Eligibility. For this you will need your DD214, along with a completed 26-1880 form. A lender who specializes in VA loans will be able to provide the form, and along with your DD214 can get your Certificate of Eligibility in minutes. It is important to do this as part of the VA Loan PreApproval Process.

Authored by Tim Storm, an Orange County, CA Loan Officer MLO 223456– Please contact my office at Emery Financial Group 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

 

Buy a Home In Orange County for $0 Down with a VA Loan

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.

Orange County Borrowers are Taking Advantage of the IRRRL?

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.

Authored by Tim Storm, an Orange County, CA Loan Officer MLO 223456– Please contact my office at Emery Financial Group 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