Tim Storm949-829-1846TimothyS@arborfg.com NMLS #223456 · CA DRE #01086852
Continues on ARBOR Financial Group’s external application website.
Credit, income, debt ratios, preapproval, and qualification after financial setbacks.
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What does it take to buy a $700,000 home in Orange County with a VA Loan? The biggest hurdle for most first time home buyers is the down payment. But for Veterans eligible to use the VA loan program, the down payment hurdle is removed. VA allows Zero Down payment with no limits to the […]
With a VA Loan in Orange County, what does it take to qualify for a home price of $679,650? The reason I am using $679,650 as the price is that that is the loan limit for 100% VA financing in Orange County. You can still buy a detached home in Orange County for $679,650, but […]
VA Residual Income is… A safeguard established by VA to ensure you can afford the new loan payment, with any debt you currently have, and still have enough for food, entertainment and housing expenses (because eating dinner is important). The Veteran’s Administration has dubbed this leftover monthly amount VA Residual Income. In order to qualify a Veteran and their spouse for […]
Why is VA Loan Pre-Approval an important step in the home buying process? Markets across the country, and undeniably in Southern California, report that the number of buyers on the hunt for a home largely out number the amount of homes currently for sale. In our highly competitive Orange County real estate market we find ourselves in today, getting […]
Getting a VA loan after bankruptcy or foreclosure is really not that difficult for Veterans in Orange County, CA. But many Veterans do not realize how quickly the VA loan can become a viable option after a major credit event. Foreclosure and bankruptcy are definite obstacles for many Veterans trying to buy […]
Do you qualify for a VA loan right now in Orange County, CA? Do you know what it takes to qualify? Orange County has one of the highest concentrations of military Veterans in the country and yet so many do not realize they are eligible for the VA loan program or even know what it […]
Getting a VA loan after bankruptcy is not as difficult as many think. While most loan programs require anywhere from a 3 year (FHA) to 4 year (Conventional) to even 7 year (some Jumbo programs) wait period after a bankruptcy, the VA program only requires a 2 year wait after the discharge of a bankruptcy. […]
The debt to income ratio is a very important calculation when it comes to qualifying for an Orange County VA home loan. Sometimes just referred to as the “Debt Ratios”, or DTIR (debt to income ratio), it calculates the Veterans ratio of monthly payments to their gross monthly income. Knowing how this ratio is calculated […]
VA loan PreApproval should not be confused with a verbal “Prequalification” over the phone. The most important and first step in the home buying process is to find out the price of the home you can afford. Ultimately the price will be determined by a combination of things, including how much money will be needed […]
Credit Alert Verification Reporting System, commonly known as CAIVRS, is a shared database of Federal debtors. CAIVRS was developed in 1989 as a quick way for “processors of applications for Federal credit to identify people who are in default or have had claims paid on direct or guaranteed Federal loans, or are delinquent or have […]