Finding VA approved condos in Aliso Viejo, CA is far easier than Veterans realize. Currently (Nov 22, 2019) there are 36 VA approved condos for sale in Aliso Viejo with prices ranging as low as $336,990 to as high as $795,000. And there are over 78 VA condo projects within the city of Aliso Viejo. The interesting thing about Aliso Viejo is that some condos don’t look at all the way you would think a “condo” would look. Especially with some of the higher-priced condos in Aliso Viejo, they look more like a detached single-family home than a condo. So how do you know if a property is a condo or a Single Family Detached home? Why does it matter? Will this affect your VA loan?
Detached Condos in Aliso Viejo
As an example, the currently highest priced VA approved condo for sale in Aliso Viejo is a free-standing detached property located at 11 Hawaii Drive, Aliso Viejo. The property is within the Islands development and has HOA dues of $208 per month. It is a beautiful development and awesome home. But looking at the home from the street you would never know it is legally a “condo”. And not understanding the difference in a condo and a Single Family home is important because it does affect the financing in many cases.
An Orange County Veteran taking advantage of the VA loan program, which allows for $0 down payment at any purchase price (that’s right, there are no VA loan limits in 2020) needs to make sure when they are searching for properties that any condos they are interested in purchasing are within a VA approved condo development. How do you narrow your Aliso Viejo condo search down to condos that are VA approved? By clicking on the Aliso Viejo VA Approved Condo link on the www.OrangeCountyVeteransHomes.com website. It is still important to verify a condos VA loan eligibility prior to making an offer, but this condo search feature will dramatically speed up the search.
Why Live in Aliso Viejo?
Aliso Viejo is a fairly new development. But it’s old enough that the Mello Roos is mostly gone. Aliso Viejo has one of the lowest property tax rates in Orange County while also being one of the newer and more beautiful cities with great schools, parks, restaurants, and shopping. It is also only minutes from the beach. For how “clean” Aliso Viejo is, it is surprisingly affordable for those Veterans using the VA loan program with No Down Payment.
VA Loan PreApproval Before Making Offer
The first step in your VA approved condo search should be to get PreApproved for a VA Loan. You do not want to get too deep into your condo search unless you have a thorough understanding of the numbers and how they will fit into your budget. All too often a Veteran (and this goes for any new home buyers) will think they have a solid idea of the numbers only to find midway through the process that either payment will be too high or they don’t have enough money to close the transaction. To eliminate stress and disappointment, working with a local Orange County VA Loan Officer will help to make sure you have all the answers to your questions. You will want to see a VA Loan Total Cost Analysis (TCA) based on your goals and budget. The TCA will help answer questions you didn’t even know you had prior to seeing the TCA. Not only the basics, like how much money will be needed to close the purchase ($0 down payment but there are still closing costs) and what is the complete breakdown of the payment but also how will you quickly pay your loan down once you are in the home. And does it make sense to “buy” the interest rate down or use a lender credit to cover the closing costs? And how can the transaction be structured as a “VA No-No” where the Veteran not only has no down payment but also doesn’t have to pay for the closing costs. These are all questions you will want to have answered BEFORE you make an offer.
Authored by Tim Storm, an Orange County VA Loan Officer specializing in the VA Loan program. 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 that 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.