VA Buyers Agent Specialists are rare in Orange County, CA. The VA loan program is not widely used in Orange County compared to other areas like San Diego, where Camp Pendleton is located. Because Orange County does not have a large active military base, there are not as many real estate agents who are comfortable working with a buyer using VA financing. However, Orange County does have a large population of retired military Veterans who do want to take advantage of their VA benefit to buy a home for up to $679,650 with No Down Payment. So why should you seek out a VA Buyers Agent?
Why Veterans Should Seek out a VA Buyers Agent
As you may have noticed, 2018 has been an extremely competitive market. Multiple offers are everywhere. Unless real estate agent knows the in’s and out’s of VA financing and understands what it takes to get a VA offer accepted, you may be spinning your wheels making offers on homes only to get rejected for no apparent reason. In many cases, the Listing Agent doesn’t understand the VA loan process or has the “old rules” of VA financing stuck in their head. It used to to be that the buyer could not pay “non-allowable” closing costs. Many Listing Agents believe that their seller will be forced to pay the VA loan buyers closing costs, which is not true anymore.
In many cases, the sellers are concerned about $0 down or low down offers compared to a Conventional loan buyer with 20% down payment or more. They are concerned about the VA appraisal coming in low and don’t understand their options if this does happen. Other common concerns are: Is a rent back allowed, or “can I buy furniture from the seller and pay through escrow?”
There are many questions that come along with a VA purchase that are slightly different than a Conventional loan, which makes the purchase contract and negotiation process different as well. And this is why it is important to use a VA Buyers Agent when you are preparing to purchase a home in Orange County while using a VA loan. Your VA Buyers Agent will have the knowledge to quickly alleviate any concerns the Listing agent and seller may have with the VA loan program.
VA Approved Condos
Orange County is an awesome place to live. With that awesomeness comes fairly high home prices. But this is also the reason that VA allows 100% financing to $679,650, which is a higher limit than most counties. For example, the 100% financing limit in Riverside and San Bernardino counties is $453,100 (in 2018). As you begin your home search you will find that many desirable properties are condos rather than Single Family homes. With some properties the distinction between condo and Single Famly home is slight. Some condos look like single Family detached homes. And some homes that look like condos are actually Single Family, even if they are attached. Figuring out which properties are eligible for VA financing is not easy, especially if you are not working with a VA Buyers Agent.
Single Family homes are always eligible for VA financing. But a condo must be in a VA approved condo complex. And this is where it gets tricky. Determining whether a condo is in a VA approved condo complex is not easy. It takes time and research. A VA Buyers Agent has already spent time researching what properties are VA approved and which are not, which will save their VA buyers time and frustration. There is an easy way to find VA approved condos in Orange County. And there is a hard way. A VA Buyers Agent knows the easy way.
Why is it Difficult to Find VA Approved Condos
The Multiple Listing Service (MLS) is not tied in with the VA website which has the list of VA approved condos in each city and county throughout the country. The Listing Agent “could” make a not on the listing that they will accept VA financing, but they rarely happen because, in many (if not most) cases, the Listing Agent is not even aware if their condo listing is VA eligible. From my experience, in many cases, the HOA management company is not even aware of the answer to this question. To make matters worse, the VA website doesn’t even list most condo projects by their name. Most VA approved condos are listed by their Legal Tract Number. Cross-referencing Legal Tract numbers with project names is not easy. But for a VA Buyers Agent who has already done this research and has the VA approved Tract number lists for each city in Orange County, it is quick.
www.OrangeCountyVeteransHomes.com makes it easy for a home buyer to find VA approved condos for sale in Orange County. Simply click on the link for the city you are interested in and the results will come up. For example, below are the links to a few cities in Orange County.
Aliso Viejo Approved VA Condos for Sale
Laguna Niguel Approved VA Condos for Sale
Mission Viejo Approved VA Condos for Sale
Anaheim Approved VA Condos for Sale
Huntington Beach Approved VA Condos for Sale
Authored by Tim Storm, an Orange County VA Loan Officer specializing in VA Loan. MLO 223456. – Please contact my office at Fairway Independent Mortgage Corporation. My direct line is 949-829-1846. www.OrangeCountyVALoans.com. I will prepare custom VA loan scenarios which 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.
Do you know how to find VA approved condos for sale in Orange County, CA? There is a hard method, which is the way the most VA loan buyers and their agents go. But there is an easy method. And the difference between the hard way and the easy way is so drastic that you would think everyone would use the easy method. Why don’t they?
VA Loan Limit for 100% Financing is $679,650
