santa ana | Orange County, California VA Loans - Tim Storm

Orange County, CA VA Streamline Refinance

October 18, 2009 by Tim Storm

Orange County, CA VA borrowers can take advantage of the VA Streamline Refinance program, also known as the IRRRL, or Interest Rate Reduction Refinance Loan. With rates still low in 2018, borrowers have been lowering their payments without needing an appraisal or even needing to qualify for the loan.

How Does the IRRRL Help Orange County, CA VA Borrowers?

The IRRRL was created to help those who have served our country be able to finance their homes at the best terms possible. With this program there is none of the following.

No Appraisal
No termite inspection
No credit qualifying

The loan must be current with no more than 1 30 day late within the most recent 12 months. This program is available to Veterans who purchased their home with a VA mortgage or refinanced into a VA loan at some point. There is more than one way to do a VA Streamline Refinance. You can either go for the lowest rate possible and add closing costs into your loan amount, an option that may make sense when you are planning to stay in your home long term. The other option is to go for an interest rate that would allow for the lender to cover some or all closing costs on your behalf. The best idea is to review all options and decide which scenario works best for your individual situation.

Rates are Low. Should I Definitely do a VA Streamline Refinance?

Just because the rate you can get with a VA Streamline is lower than your current rate doesn’t mean it automatically makes sense to refinance. You need to look at the monthly savings a refinance will create and make sure the costs involved in the streamline refinance do not outway the savings. For example, if you’re being told it will cost more than 3 points to get that great, low, advertised rate, the costs may end up being too high that they defeat the whole purpose of refinancing. Also, when a lender tells you that you will “skip” a payment or two, understand that you never “skip” mortgage payment. VA does not allow lenders to advertise “skipping” payment, and yet many VA IRRRL mailers still advertise it. What is actually happening if you feel like you are skipping a payment is that the interest for the payments not being made is added to the new loan. This may be something some VA borrowers want to do, but it is important to understand all of your options. Make sure that the lender you are working with has your best interests in mind.

Authored by Tim Storm, an Orange County, CA Loan Officer specializing in VA Loans. MLO 223456. – Please contact my office at Fairway Independent Mortgage Corporation NMLS #2289. My direct line is 714-478-3049. I will prepare custom VA loan scenarios that will be matched up to your financial goals, both long and short-term. I also prepare a Video Explanation of your scenarios so that you are able to fully understand the numbers BEFORE you have started the loan process.

Filed Under: VA IRRRL - Streamline Refinance, VA Refinance Loans Tagged With: california, irrrl, Orange County, santa ana, VA Loans, va refinance, va streamline refinance

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

VA Loans in Orange County, CA | The VA Loan Process

September 2, 2009 by Tim Storm

The loan process for a VA loan is fairly similar to the process for an FHA Loan or Conventional Fannie Mae or Freddie Mac loan, especially now that we’re back in a “Full Documentation” world. There are a few nuances associated with getting a VA loan, but with a little know how, the loan process will be fairly easy.

VA is a great program because it is just about the only 100% financing program available. The Orange County, CA VA loan limits are very high. A VA eligible home buyer in Orange County can purchase a home for $737,500 with $0 down payment! FHA is the closest competing loan type. The maximum FHA loan in Orange County, CA is $729,750 and requires a 3.5% down payment. For those that are eligible, VA does have advantages over the FHA program.

Orange County, CA Veterans Need to Determine Eligibility

The first thing a Veteran needs to do is determine eligibility. If you have a DD214 (Discharge papers) then an Orange County VA Direct Lender can quickly (in minutes) get your Certificate of Eligibility. Once you have the Certificate of Eligibility, it is time to get PreApproved for a VA loan.

Orange County Veterans Need to Get PreApproved for a VA Loan Prior to House Shopping

Mortgage PreApproval should happen before the home search begins. If you begin the search before knowing what you qualify for, the search can become discouraging if it turns out you are looking in the wrong price range. By getting PreApproved first, you will know ahead of time what home price range you should be looking in. It quite often turns out that a new home buyers qualifies for a higher price or payment than they are comfortable with. Finding this out first is very important. During the PreApproval process the lender will prepare several loan scenarios based on your goals. A loan application is completed, credit is run, and an Automated Loan Approval (hopefully) is issued. The underwriter also will need to review the following items.

Paystubs for the most recent 30 days
2007 and 2008 (most recent 2 years) tax returns, all schedules.
2007 and 2008 (most recent 2 years) W2’s or 1099’s.
Bank statements for the most recent 2 months, all pages.
Also, include investment and retirement acconts covering the most recent 2 months.
Copies of drivers license and social security card.
Explanation letter for any derog’s and inquiries on the credit report.

Once the Veteran is PreApproved, it is time to find a home and make an offer. Working with a good Orange County Realtor is important. Not all Realtors are created equal, and not all actually work with buyers. Finding a Home Buyer Specialist is important.

Getting an Offer Accepted on an Orange County Home has not Been Easy in 2009!

Once an offer has been accepted, the race is on. Most escrows are between 30 and 60 days. Since the lender has already PreApproved the Veteran, it is just a matter of updating a few paystubs and bank statments. The appraisal is ordered by the lender, and verifications of employment are performed. Also, the lender will receive the escrow instructions and preliminary title report. Once the appraisal is prepared, which can take between 1 and 2 weeks, the loan is submitted to the underwriter for the Full Underwritten approval.

Provided there were no problems with the title report or appraisal, an Approval should be issued within a few days. Typically there will be a few Prior to Loan Document conditions. These conditions need to be cleared before loan documents are prepsared and forwarded to escrow. Once the Prior to Doc conditions are signed off, loan documents are prepared and emailed to the escrow company. This is typically done within 48 hours of the signoff. At this point the Veteran is called by the escrow company to set a time to sign the loan documents. (The Veteran should bring a well rested signing hand, because there will be many signautures.)

Once loan documents have been signed, they are returned to the lender for funding. The typical turnaround time from funding is anywhere from 1 to 3 days. It can sometimes take a little longer if there are any funding conditions that need to be met. Once the lender has funded the loan, the title company will handle getting the Deed of Trust recorded at the Orange County Recorders Office. This is usually done on the day of the funding, depending on how late in the day the funding occurred. The whole process, from the start of escrow to the closing, can be done in 30 days if everything moves smoothly.

The Orange County, CA VA Home Buyer is Ready to Move in!

Once recorded, the new Orange County, CA VA Home Buyer can get the keys and move in, unless the purchase contract allowed extra days for the seller to move out.

That is the way to process is supposed to go. There are always roadblocks along the way that need to be navigated. This is why it is important to make sure you are working with lenders and Realtors who have experience with the VA loan program.

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 Tagged With: california, first time buyer, First Time home buyer, Orange County, santa ana, tim Storm, 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