South Orange County Blog from Bob Phillips

No, or low money down, in Orange County?

Posted in Home Buyer Tips, Home buying, Home Financing Tips, Mortgage Tips, Real Estate Tips, VA Loans, Veterans by southorangecounty on August 17, 2013


Let’s say I’m holding an Open House in South Orange County on a listing that is priced at $659,900. A couple walks in and quickly, I find out they’re not working with another agent. The middle aged couple goes on to inform me they want to buy but don’t think they can right now. I inquire as to why?

It turns out they had a short sale a little over 2 years ago, they don’t have much of a down payment and their credit is still recovering as their scores are in the mid 600’s. They really like this listing though and they think it would be perfect for them.

As a Veteran, my immediate response to them is to ask, “Do you have a VA entitlement?” They respond that, yes he does, but he had used it many years ago on a home they no longer own.

Here are some facts about VA financing in Orange County, California.

1)    A veteran can use his or her VA entitlement multiple times but on one home at a time.

2)    In Orange County the maximum no down loan amount for VA financing is $668,750.

3)    The minimum credit score allowed is 620.

4)    Bankruptcies, foreclosures and short sales have a 2 year waiting period on VA.

5)    The veteran now pays all of the normal closing costs so no extra cost to the seller.

6)    VA appraisers now work to bring the appraisal in at value and only call for health and safety issues for repairs in most cases.

Hooray!   Another happy home owner to be!  Aren’t I glad that VA financing is an option?  I sure am.

Want an agent, either for buying or selling, who has more than 36 years of local experience, AND who is capable of thinking outside the box?

Your choice is easy – call Bob Phillips.  ( Cell/text:  949-887-5305, or shoot me an email at )

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