No Down Payment Required
Seller Can Pay All Closing Costs
No Reserves Required
No Credit Score Required
2 Year Old Bankruptcy Allowed
Maximum Loan is $417,000
Yes, there is one little catch. The buyer is required to have spent time serving in a branch of the armed services of the U.S. This is also known as VA financing.
The request for VA loans are increasing however most real estate agents and lenders are not experienced with helping veterans purchase a home and obtaining financing. The government is lenient when it comes to qualifying a veteran for a home loan, for good reason, so don't let the opportunity for a veteran slip away and a home pass you by.
In Orange County the maximum loan amount is $593,750. Above $417,000 the veteran is required to put down 25% of the difference between the sales price and $417,000. In addition, the qualifying requirements tighten for loan amounts above $417,000. A credit score of 720 and 6 months PITI in reserves are required and no gift funds are allowed. $417,000 loan amounts and below the financing requirements to help veterans are greatly relaxed as witnessed by the headline above. The maximum debt to income ratio is 41% regardless of the loan amount.
A few noteworthy guidelines are:
- 1) the property must be owner occupied
- 2) taxes and insurance are required to be impounded
- 3) only a veteran and his or her spouse may be on the loan
- 4) two veterans can buy together but both must occupy the property
- 5) a veteran can still be in the service when buying but his or her spouse must move into the property if the veteran is overseas.
Lets go find you a home!
Tim Lorenz
Instant MLS Listings & Free Market Analysis
"We have actually closed many short sales!"
949-282-2521
Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!
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