va loan preapproval | Orange County, California VA Loans - Tim Storm

Closing a VA Loan in Orange County in 30 Days or Less is Easy

October 30, 2010 by Tim Storm

Closing a VA loan in Orange County in 30 days or less is not only possible, but is easy. But for the loan to close this quickly, all parties involved must be ready to react quickly to requests from the lender.

What Needs to Happen For a 30 Day VA Loan?

Borrower – it helps tremendously if the borrower has already met with an Orange County Direct VA Lender and has a PreApproval in hand. If the borrower is already PreApproved for a VA loan, then the lender should have tax returns, paystubs, bank statements, loan application, and credit. The lender may need to update the file with new paystubs or bank statements, but PreApproval will give the lender a good head start in closing the deal quickly.
Real Estate Agents – The lender will need the complete purchase contract and any counter offers, as well as escrow company contact information. The Orange County VA lender needs this information so they can contact escrow immediately.
Escrow Company – The lender will send the “Initial Fees Worksheet” to the escrow company, along with the lenders contact information. The lender needs to receive the Estimated HUD-1, also known as the Estimated Closing Statement, from the escrow company prior to completing the Good Faith Estimate and loan disclosures for the borrower. The appraisal can’t be ordered until the lender has sent loan disclosures out, so receiving the Estimated Closing Statement from escrow is an important step in closing escrow in 30 days or less.
Appraisal – The VA appraisal is ordered by the lender through the VA Portal. It can take anywhere from one to two weeks to receive the appraisal from the day it is ordered, so the lender needs to order the appraisal as soon as possible.

If there is a break in the chain, if one of the parties involved in the transaction causes a delay, 30 days can quickly turn into 35 or 40 days. For this reason, the lender should have a timeline mapped out and make it clear to all parties that items needs to be received quickly. An experienced lender can pull off 30 days VA loan closings almost every time as long as everyone works as a team.

VA Loan PreApproval is the First Step

The first step is to get PreApproved for a VA loan before making an offer on a home. Finding an experienced VA loan officer who works with a Direct VA lender in Orange County is important. While it is easy to find VA lenders on the internet, Orange County has some very experienced VA loan officers. Also, it can be helpful to meet face to face with the loan officer and get all of your questions answered.

Authored by Tim Storm, an Orange County, CA VA Loan Officer – Please contact my office at Home Point Financial for more information about an Orange County, CA home loan. 949-640-3102. MLO 223456

Call our office today and see how we can help you and your family. Ask for your Free First Time Home Buyer Report.

tstorm (at) ochomebuyerloans.com

Orange County, CA VA Loan Borrowers May Still Be Eligible for Federal Tax Credit

May 16, 2010 by Tim Storm

Orange County, CA VA loan borrowers may still be eligible for the $8,000 First Time Buyer Tax Credit. For everyone else the First Time Buyer tax credit expired if they did not have an offer to purchase a home accepted by April 30, 2010. But military home buyers may still have time provided they meet certain qualifications.

Who Qualifies for the Military Extension of the Tax Credit? Must be a member of the “uniformed” services?

A member of the “uniformed” services, or
A member of the Foreign Service of the US, or
an employee of the intelligence agency
a spouse of any of the above

Are the additional qualifications if an Orange County VA Loan Borrower is interested in the Tax Credit?

Yes, they must have had:

Extended duty outside the US for 91 days, or
Extended duty outside the US for 91 days and had to relocate more than 50 miles from principal residence, and
All this happened between the dates of January 1, 2009 and April 30, 2010.

How Long is the Tax Credit Extended?

Orange County, CA VA loan borrowers have been given an extra 12 months to get an accepted offer on a home. They must have an accepted offer by April 30, 2011, and then they must close escrow by June 30, 2011.

There are a few more items to keep in mind with this extension. To clarify the qualifications, an Orange County VA loan borrower is eligible for the tax credit if they had extended duty, which could be inside or outside the US and is longer than 90 days, and had to move more than 50 miles from their primary residence.

$0 Down for Orange County VA Loan Borrowers

The VA Loan Limits vary from county to county. The VA loan program is really about the only program available for Orange County home buyersto purchase a home with $0 down. While the max price allowed for most of the United States for 100% financing on a VA loan is $417,000, Orange County is considered a “high cost” county because of the high prices of homes. Because of this, an Orange County VA loan borrower can purchase a home for $593,750 with $0 down payment. Los Angeles has the same limit, while San Diego cap’s out at $437,500. The Inland Empire max is $417,000.

The Time to Buy an Orange County Home is Now

In addition to the Federal First Time Buyer Tax Credit, there is also a $10,000 California First Time Buyer Tax Credit. So VA loan eligible borrowers could actually get $18,000 just for buying a home (and with $0 down). With home affordability at an all time high, now is a great time for Orange County VA loan eligible first time buyers to take the next step and get PreApproved for a VA loan.

Authored by Tim Storm, an Orange County, CA VA 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