VA home loan mortgage interest rates are at all time lows for California Veterans. The VA loan program provides a way for California active military and veterans to purchase a home with $0 down payment. The 100% financing limit varies from county to county. Some California counties are known as “high cost” and allow for 100% financing up to a purchase price of $593,750. Orange County and Los Angeles County both have these high VA loan limits. Not only does the VA loan program offer 100% financing, but it also does not have mortgage insurance, like most other “high loan to value” loan programs. Now, to make the VA program even better, VA interest rates for California home buyers are lower than ever before.
California VA loans $417,000 and Under
30 year fixed interest rates for VA loan amounts $417,000 and less are currently in the 4.25% to 4.5% range, depending on loan fees required by the lender. Interest rates can vary depending on the borrowers FICO score. For example, while most lenders will allow FICO scores as low 620, interest rates for low FICO scores will be higher. Which makes it very important to know your FICO score before making an offer on a home.
California VA loans $417,001 and Up
For those counties that allow 100% financing over $417,000, the interest rate is a little higher. Currently VA interest rates for “Jumbo VA loans” is in the 4.5% to 4.75% range. Pricing can change even more dramatically for Jumbo VA loans if a FICO score is low. Also, reserves (money in the bank) can help a Veteran get the best pricing possible.
What is the Difference Between VA Interest Rates and Cal-Vet Interest Rates
The Cal-Vet loan program can be great at times. But it can also be not so great at other times. This is one of those times. Interest rates for the Cal-Vet program are based on Bond financing. Cal-Vet interest rates are currently in the 5.75% to 6.2% range, according their the Cal-Vet website. This is 1.5% to 2% higher than what is available on the VA loan program for California veterans and active military.
Interest rates for the VA loan program can move on a daily basis. For the latest update it is important to talk to a California VA loan expert.
Authored by Tim Storm, an Orange County, CA VA Loan Officer – Please contact my office at Trust One Mortgage Corporation for more information about an Orange County, CA home loan. 877-786-4243 x 7.
Call our office today and see how we can help you and your family. Ask for your Free First Time Home Buyer Report.
877.786.4243 x 7 | tstorm (at) ochomebuyerloans.com
*Trust One Mortgage Corporation is licensed and supervised by the California Department of Real Estate (“DRE”), License # 01087829
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Orange County Mortgage Interest Rates at All Time Low’s
by Tim Storm on June 28, 2010
Mortgage interest rates are lower for Orange County home owners than ever before. But how long will this last?
According to Freddie Mac, mortgage rates are at all time low’s. “Freddie Mac said on Thursday that the average rate for 30-year fixed loans sank to 4.69%, from 4.75% last week. That’s the lowest since Freddie Mac began tracking rates in 1971. The previous record of 4.71 was set in December. Rates for 15 year and 5-year mortgages also hit all time lows.”
What is Driving Interest Rates Down for Orange County Home Owners?
A combination of European and worldwide financial instability has lead to a stronger dollar. Inflation has remained in check as well. Bad news is good for interest rates. Fears of a double dip recession and now even the possibility of the Fed beginning another round of Bond purchases are also factoring in lower mortgage rates.
Great Refinance Opportunities for Orange County Home Owners
This has provided Orange County home owners a great opportunity to lower their mortgage payments by refinancing. Even for those Orange County home owners whose homes have depreciated, they can still possibly take advantage of either Fannie Mae’s Home Affordable Refinance for loan to values up to 105%, Freddie Mac’s 105% refinance program, or, for those with an FHA loan, the FHA Streamline Refinance does not require an appraisal at all.
Orange County Homeowners Refinancing with Zero Costs
As interest rates have dropped, many Orange County home owners have taken advantage of a Zero Cost Refinance. A Zero Cost refinance typically will have a slightly higher interest rate, but all nonrecurring closing costs (lender fees, escrow, title, recording, notary, etc) are credited by the lender. This results in an immediate “breakeven” on the refinance.
The first step is to check with a local Orange County home loan company. Talk with one of their experienced loan officers who should be able to prepare custom loan scenarios based on your individual situation. There are many options, including the fully amortizing 15 year fixed.
Authored by Tim Storm, an Orange County, CA Loan Officer – Please contact me for more information about an Orange County, CA home loan. 877-786-4243 x 7.
www.OCFHALoans.com
Contact us for your Orange County Home Loan:
Call our office today and see how we can help you and your family. Ask for your Free First Time Home Buyer Report.
877.786.4243 x 7 | tstorm (at) ochomebuyerloans.com
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