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Thanks to all Vets & my uncle Don – VA loans

Thanks once again to ALL US Veterans 

and my uncle Don who paid the ultimate price at the Battle of the Bulge in WWII.

 

I also want to thank the law enforcement community for their service as well.  My experience for a few years as a reserve Sheriff taught me to appreciate their dedicated service.

 

One way our country has traditionally said thanks to veterans is the existence of the VA loan program. While I am a Realtor and not a loan officer, many of my clients have benefited from the VA loan program. The VA buyer can buy with ZERO down as long as they can afford the payments. Another benefit is that the VA will approve buyers with lower credit scores than a conventional program will allow. In addition the interest rate is substantially lower than conventional loans at this time. There are additional closing costs (usually rolled into the loan) so speak with a quality loan officer. If you live in Orange County California contact me and I will get you to a very experienced VA loan officer.

Dana Point Harbor

The zero down program does have a maximum that can be borrowed. Let’s say you want to live in a resort beach area like Dana Point in Orange County CA where the home prices are higher than the VA limit.  What many mature vets don’t realize is that you can borrow well over that VA limit – even over a million dollars but you must bring your own funds for 25% of any amount over the normal VA loan limit.  VA loan limits vary by county but in Orange County CA the loan limit is $687,500. If a VA business owner wants to keep his cash in his business but can afford a million dollar home he or she can purchase a million dollar home for only $78,000 down and it is insured by the VA. Example: $1,000,000 – $687,500 = $312,500.    25% x 312,500 = $78,000.

 

These numbers are of course beyond the reach of entry level buyers but there are veterans who have the where-with-all and can still benefit from the VA loan program. Many may choose to keep their capital for other purposes rather than putting it in a home loan. I hope this info might be of some value to you today. Thanks again for your service and Happy Thanksgiving!

 

Ron Buck, associate broker, Keller Williams Realty

Orange County, CAlifornia  949-456-0505

Serving Laguna Niguel, Dana Point, Misison Viejo, Aliso Viejo & Laguna Beach

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