As Orange County Residents we’re thankful for the sacrifice and contributions that our Veterans have made by serving their country; for those Veterans who have served in any branch of the Military, they will receive a VA loan.
What Is A VA Loan?
A Veterans Administration Loan (VA Loan) us a home loan that enables a Veteran to purchase a home with no down payment.
This loan, that is 100% financed, also comes with the benefit of the seller paying most of the typical costs that the buyer pays at closing and the buyer also will enjoy the best mortgage rates available at the time as well.
Does Everyone Qualify For A VA Loan?
Although any Veteran of military service qualifies for a VA loan they will need to meet the following criteria that normally applies to other Mortgage Loans.
- Debt to income – The Veteran must have a normal debt to income of 41% to qualify for the VA Mortgage Loan.
- Ability to repay – An Orange County Veteran must show that they have the ability to repay the mortgage loan within the 15,20 or 30 year period that the mortgage loan is for.
- Forbearance – Veterans will also enjoy the privilege of more lenient forbearance terms if they undergo financial difficulty due to pro-longed deployment or other financial problems that keeps them from being able to repay their Mortgage Loan on time.
Great Time To Buy A Home
All Orange County Veterans should use their VA loans now because, thanks to historically low mortgage interest rates there never has been a better time than right now to purchase an Orange County home.
To learn more about VA loans or to view the latest Orange County homes for sale, contact Fred Sed and Associates today by calling (949) 272-0125.