Orange County Home Buyer Resources
If you are an eligible veteran, you may be able to buy a home with 100% financing!
A VA loan is a mortgage loan guaranteed by the U.S. Department of Veterans Affairs. The VA loan program is designed to offer long-term financing to American veterans or their surviving spouses (provided they do not remarry). One of the major benefits of the VA home loan program is to help eligible veterans purchase properties with no down payment. The VA loan allows veterans to have 100% financing without private mortgage insurance. A VA funding fee of 0 to 3.3% of the loan amount is paid to the VA and is allowed to be financed. In a purchase, veterans may borrow up to 100% of the sales price or reasonable value of the home, whichever is less. Since there is no monthly PMI, more of the mortgage payment goes directly towards qualifying for the loan amount, allowing for larger loans with the same payment.
Who Qualifies for a VA Loan?
There are several different eligibility requirements you must meet to qualify for a VA Loan. If you are not sure if you will qualify, you should speak with a mortgage broker or a VA Loan Specialist. One of the first steps toward getting a VA Loan is to complete a Certificate of Eligibility.
You may qualify for a VA Loan if you fall into one of the following categories:
National Guard and selected Reserve members may also qualify. Check your eligibility with one of my qualified VA Loan Specialist if you have any questions!
Cal-Vet home loans
For home purchases here in California, you may also be eligible for a Cal-Vet home loan.
Are you eligible for a VA loan?
Check the eligibility frequently asked questions on the Dept of Veterans Affairs web site, here. http://www.homeloans.va.gov/faqelig.htm