VA Refinance Loans | Orange County, California VA Loans - Tim Storm

Orange County, CA VA Loans | Can’t Find Your DD214? Here’s How to Get it.

September 5, 2009 by Tim Storm

It is important for Orange County, CA Veterans who are looking to take advantage of the VA loan programs 100% financing option first get their Certificate of Eligibility. But how do they do that? First, you must be able to provide your DD214- Report of Separation.

What if an Orange County, CA VA Loan Borrower has lost their DD214?

If you cannot find your DD214 (because you put it in a very safe place?), there is an easy way to get a new copy. You could go to a local VA office, but the best and easiest thing to do is go to Archives.Gov/Veterans/Evetrecs. Veterans will be able to request a copy online. This service is even available to next of kin of deceased military members.

I have my DD214. Now What Do I do to Get my Certificate of Eligibility?

The easiest way to get your Certificate of Eligibility is to go to an Orange County, CA Direct VA Lender who has access to the Veterans Information Portal (VIP), that only an approved VA lender can access. Your lender will be able to get the COE with minutes. (That’s why this is the easiest way to do it.) Also, using the a lender to get your COE does not mean you are forced to used that lender. You are still able to go to another lender at any time. If the lender is not able to get the COE online, then the Veteran will need to complete Request for a Certificate of Eligibility Form (form 26-1880), which the lender can provide. Also, the Veteran will need to provide their DD214 as disucssed above. Current Active Duty Service Members will need to provide a Statement of Service from their commanding officer. With this informtion the lender will be able to request the Certificate of Eligibility through a slightly different process on the VIP portal.

The alternative is the Veteran can request their COE by regular mail by sending the 26-1880 and DD214 to: VA Eligibility Center, P.O. Box 20729, Winston-Salem, NC 27120.

Once the Veteran has their COE, they are ready to begin the home search process. There has not been a better time in many years to buy a home in Orange County. Orange County First Time Home Buyers who are taking advantage of the FHA and VA loan programs are finding out quickly that they are able to buy a home and have a very reasonable payment as compared to what they could get for the same rental payment. The VA loan limits in Orange County, CA are higher than ever before at $737,500 for 100% financing. (Orange County, CA FHA loan limits are also very higher at $727,750) The most important thing an Orange County, CA home buyer can do is get PreApproved for a mortgage before making an offer on a home.

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

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

Filed Under: VA Purchase Loans, VA Refinance Loans Tagged With: california, first time buyer, First Time home buyer, Orange County, santa ana, tim Storm, Tustin, VA Loan, VA Loans, VA Mortgage

VA Loan Limits for Orange County, CA and Surrounding Southern California Counties

September 2, 2009 by Tim Storm

The VA Mortgage loan limit in Orange County, CA for $0 down payment financing is $737,500 for 2009. This is as high as the limit has ever been. Technically, VA guaranteed loans do not have a maximum limit, but lenders who sell their loans in the secondary market need to limit the size of the loans as prescribed by Ginnie Mae. Not all lenders will even go this high, with many cutting it off at $417,000, but there are lenders that will exceed the $417,000 limit. Below are the limits for southern California counties.

These limits are for loans that close between January 1, 2009 and December 31, 2009. These limits are available to Veterans who have never used their VA Entitlement before, or their full entitlement has been restored. If the full entitlement has not been restored then the full loan amount will not be available. The first thing an Orange County, CA Veteran should do to determine the amount they are eligible for is contact an Orange County Direct VA Lender.

What if an Orange County, CA VA Home Buyer Purchase a Home for More Than $737,500?

The table below shows the $0 down VA loan limit for each county and also shows the actual VA loan limit for each county. For example, if an Orange County, CA Veteran purchases a home for $$837,500, or $100,000 above the $0 down limit, then the Veteran would need to come in with a $25,000 down payment, or 25% of the difference between the purchase price and the $0 down limit.

County Name	Single Family Home ($0 DOWN AND UP TO)	Max Guaranty

LOS ANGELES	$737,500	$1,000,000

ORANGE	$737,500	$1,000,000

RIVERSIDE	$417,000	$1,000,000

SAN BERNARDINO	$417,000	$1,000,000

SAN DIEGO	$593,750	$1,000,000

SANTA BARBARA	$656,250	$1,000,000

VENTURA	$650,000	$1,000,000

***The 2010 VA loan limits for Orange County and the rest of Southern California were announced in early December 2009.

Authored by Tim Storm, an Orange County, CA 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

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.

Filed Under: VA Purchase Loans, VA Refinance Loans Tagged With: california, first time buyer, First Time home buyer, Orange County, santa ana, tim Storm, Tustin, VA Loan, VA Loans, VA Mortgage

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

August 31, 2009 by Tim Storm

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.

www.OCFHALoans.com

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

Filed Under: VA Purchase Loans, VA Refinance Loans Tagged With: california, first time buyer, Orange County, santa ana, Tustin, VA Loans, VA Mortgage