Orange County VA Loan Limit 2015The Zero Down VA loan limit for Orange County, CA in 2015 is $625,500. The limit changes once a year and is typically announced in late November of each year. Orange County has one of the highest 100% financing VA loan limits in the county. And when it comes to condos, $625,500 will buy a very nice condo. The key, of course, is to know how to find a VA approved condo quickly and easily.


Search for VA Approved Condo’s


Finding a VA approved condo can be tricky. Not all condo projects are approved for VA financing. Also, not all homes that look like condo’s are actually condo’s(which may mean that for that particular home you don;t need VA project approval). And some homes that look like Single Family Homes are actually, legally, condo’s. Even if they are detached on all four walls. So knowing what condo projects are approved is important, and that is where can help.


Zero Down Doesn’t Mean Zero Out of Pocket


It is important to understand that Zero Down does not mean Zero out of pocket. Just like any other real estate transaction there are closing costs and prepaid expenses associated with the purchase of a home. While it is possible to negotiate to have the seller pay the closing costs, going in with an offer where the seller is covering everything for the buyer may put the buyer at a huge disadvantage in a competitive sellers market. And this is where a knowledgable Orange County VA loan specialist can come in handy.


Talk to Your Lender First if you Want a VA No No


Your VA loan officer should be able to prepare custom VA loan scenarios based on your qualifications. The loan scenarios should provide options for either getting the lowest rate possible, or the least amount of money possible (like $0), or something in between. But knowing this information before you are shopping for a home and making an offer is critical if you plan to have a smooth transaction with no surprises.


So definitely take advantage of the $625,500 Zero Down VA Loan Limit for Orange County, but make sure you know what payment you are comfortable with, what payment you qualify for, and what that payment equates to in actual home price. Getting PreApproved or Prequalified up front is the solution to gaining to knowledge an Orange County VA buyer will need.


Authored by Tim Storm, an Orange County VA Loan Officer specializing in VA Loans. MLO 223456. – Please contact my office at the Home point Financial. My direct line is 949-640-3102. I will prepare custom VA loan scenarios which will be matched up to your financial goals, both long and short term. I also prepare a Video Explanation of the your scenarios so that you are able to fully understand the numbers BEFORE you have started the home search.