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Find VA Approved Condos in Orange County

VA Approved Condos the Easy Way

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Why Buy a Condo vs Single Family Home in Orange County with a VA Loan

Why should you buy a condo versus a single-family detached home in Orange County using a VA loan? There are several factors to consider when buying a home, some more important depending on the county, city, or neighborhood where you want to live. And some being more important depending on your “stage of life” and plans and goals. Regarding the VA loan program, there are also things you should learn about and understand before getting too deep into your home search.

What Makes Orange County Unique?

Real estate in Orange County, CA is highly sought after. Many factors make so many people want to live in Orange County. The beaches, clean cities, weather, family-centric activities, Disneyland, Knots Berry Farm, beaches, waves at the beaches, proximity to the mountains and desert, and beaches. Personally for me, I like the beaches. All of these things contribute to creating a high demand for homes. At the same time, there is a limited amount of land to build on, resulting in a limited supply of homes for sale. Short supply has been a problem for much of the country, but in Orange County, it is worse. And this supply shortage leads to Orange County having very high prices. The median sales price of a home in October 2023 in Orange County was $1,075,000. Detached homes bring up that median price. The Median List Price for active listings for Detached homes as of October 26, 2023, was $1,900,000. The average list price for Attached Homes, which tend to be condos, was $825,000. *Orange County Reports on Housing. The lower price of typical condos are more affordable than detached single-family homes.

 

Is Orange County the Right Choice for You?

Many homebuyers will find that they can buy a single-family detached home in Riverside or San Bernardino County for the price of a condo. That may be a better choice for a growing family needing a bigger house. But it’s also important to consider where your friends live. Where your extended family lives. And where your job is. Commuting on the freeway to work for several hours daily can quickly wear down on you and take the excitement out of buying a bigger home outside Orange County. If a home buyer is facing a potential commute, I recommend spending at least a couple of days in a hotel near where the new home will be and trying out the morning commute. Make sure you can deal with it. I have had clients who thought they could do it but realized in the first week of their new commute that it would cause too much stress.  If you’re commuting, make sure you can handle the commute before buying your home.

Are you an Entry Level Buyer? Or a Down Sizing Buyer?

Condo purchases are quite often considered to be for first-time buyers or for someone downsizing as they head into retirement years. There are some affordable condos in beautiful neighborhoods for someone downsizing but wanting to stay in Orange County to be near friends, family, grandkids, etc. Aliso Viejo has many VA-approved condo projects with prices ranging from $488,000 to $1,400,000. A 1 bedroom 1 bath condo located at 33 Bridle Lane, Aliso Viejo is currently listed for $488,000. For something in central Orange County, 120 S Cross Creek Rd, Orange, CA  is currently listed for $460,000. And, of course, the easiest way to find condos for sale that are eligible for a VA loan since they are in a VA-approved condo complex is to use www.OrangeCountyVeteransHomes.com.

 

Condos have Less Maintenance.

A condo is a great option if you don’t want to mow the lawn or worry about your home’s exterior paint, roof, etc.. The Home Owners Association is responsible for the exterior of the property. That is partly what the monthly Homeowners Association Dues go towards. The trees are trimmed, the lawn is mowed, leaves are raked, etc, and all by someone else. If you buy a detached home, then either you’re doing it, or you’re going to pay someone else to do it. It starts making those HOA dues not look so bad.

Condos have Amenities

Many condo projects have nice amenities. It is common to have a pool, gym, green belts, tennis courts, etc. You may even find an affordable condo on a golf course.

Authored by Tim Storm, an Orange County VA Loan Officer specializing in the VA Loan program. MLO 223456. – Please contact my office at Arbor Financial Group. My direct line is 949-829-1846. www.OrangeCountyVALoans.com. I will prepare custom VA loan scenarios that match your financial goals, both long and short-term. I also prepare a Video Explanation of your scenarios so that you can fully understand the numbers BEFORE starting the loan process.

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No VA Loan Limits for Condos in 2020

There will be no VA loan limits in 2020, which is big news for Orange County, where condo prices are often higher than the VA loan limit.

What does this mean for Orange County Veterans hoping to buy a home with no down payment? It means they will no longer be limited based on the purchase price of the property they want to buy.

Will this affect Condo Buyers?

The newer areas of Orange County, especially some properties near the coast, sometimes look like single-family detached homes but are legally condos. A quick search of VA-approved condos in the city of Irvine finds 8 “condos” currently for sale (as of November 5, 2019) priced above the 2019 Orange County VA loan limit. Irvine’s highest-priced “condo” looks like a single-family home priced at $970,000. A Veteran buying that property based on 2019 VA loan limits of $726,525 would need a down payment of $60,860. If the Veteran waits to close escrow in 2020 when the VA loan limits are eliminated, he will need a $0 down payment.  This eliminates what can be a barrier to entry for some home buyers with good income but who do not wish to deplete their savings.

VA Loan PreApproval BEFORE Making an Offer

Purchasing a home is not easy. Especially with VA financing, getting Pre-approved for your VA loan is important before making an offer on a home. As part of the VA Loan PreApproval process, the lender will pull the Veterans Certificate of Eligibility (COE), which verifies whether the Veteran has enough Entitlement for the home purchase. Quite often, the lender can retrieve the COE within minutes. But sometimes, it’s not so easy, and the last thing anyone wants is to find out there is a hang-up with VA loan eligibility after getting an offer accepted.

The lender will also review income documentation, credit, and assets before issuing loan approval as part of the pre-approval process. The VA Loan Officer will also (or should be able to) go over several different loan scenarios with the Veteran to ensure the numbers will fit in the budget. A home buyer does not want to jump into a purchase without thoroughly understanding the numbers. The mortgage payment is made up of more than just Principal and Interest. There are also property taxes, homeowners insurance, and Homeowners Association Dues in the case of a condo. Depending on the price of the home, the “TI” portion of the PITI can add over $1,000 to the monthly payment.

Is it Difficult to Find VA Approved Condos in Orange County?

Now that the Veteran is approved, the fun part begins, right? Searching for a home can be as easy as clicking on properties for sale, looking at photos, and then contacting your Realtor for help viewing the properties and making an offer. But in the case of VA financing and condos, it is important to understand that the condo you buy must be in a VA-approved condo complex. And there are not many real estate agents know how to determine whether a condo complex is VA-approved quickly. It is common for the listing agent to have no clue. And even when asked, they will defer to the management company of the Homeowners Association, who also does not know in more cases than not. VA condo approvals can be 10 or 20 years old in many cases. If there hasn’t been a recent VA buyer in a complex, then the assumption may be made that a complex is not approved without some research. It is important to work with Orange County real estate professionals specializing in VA buyers and financing.

By limiting the condo search to only those condos that are already VA-approved, the condo search for a Veteran will be far easier, faster, and less stressful. This is why using www.OrangeCountyVeteransHomes.com as your home search website, your timeline for finding a VA-approved condo will be much shorter than for someone who searches ALL Condos in Orange County and then has to figure out which condos they can purchase with a Zero Down VA loan.

Authored by Tim Storm, an Orange County VA Loan Officer specializing in the VA Loan program. MLO 223456. – Please contact my office at Arbor Financial Group. My direct line is 949-829-1846. www.OrangeCountyVALoans.com. I will prepare custom VA loan scenarios that match your financial goals, both long and short-term. I also prepare a Video Explanation of your scenarios so that you can fully understand the numbers BEFORE starting the loan process.

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Finding VA approved properties to buy in Orange County is not difficult when you are working with local VA Experts. Please feel free to give us a call, or send an email anytime and we will contact you as soon as possible. Contact Tim Storm at 949-829-1846 for your VA loan needs.

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Tim Storm, MLO 223456 "VA Loan Specialist"
Mortgage Advisor Arbor Financial Group

1805 E Garry Ave
Santa Ana, CA 92705
(949)-829-1846
Timothys@arborfg.com
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