Nevada County, California VA Loan Information

Table of Contents

  • What is the VA Loan Limit?
  • How to Apply for a VA Home Loan?
  • What is the Median Home Price?
  • What are the VA Appraisal Fees?
  • Do I need Flood Insurance?
  • How do I learn about Property Taxes?
  • What is the Population?
  • What are the major cities?
  • About Nevada County
  • Veteran Information
  • Apply for a VA Home Loan
  • VA Approved Condos

FAQ

What is the VA Loan Limit?

2021 VA Home Loan Limit: $0 down up to $5,000,000* (Subject to lender limits) /2 open VA loans at one time $548,250* (Call 888-573-4496 for details).

How to Apply for a VA Home Loan?

This is a quick look at how to apply for a VA home loan in Nevada County. For a more detailed overview of the VA home loan process, check out our complete guide on how to apply for a VA home loan. Here, we’ll go over the general steps to getting a VA home loan and point out some things to pay attention to in Nevada County. If you have any questions, you can call us at VA HLC and we’ll help you get started.

  1. Get your Certificate of Eligibility (COE)
    • Give us a call at (877) 432-5626 and we’ll get your COE for you.
  2. Are you applying for a refinance loan? Check out our complete guide to VA Refinancing.
  3. Get pre-approved, to get pre-approved for a loan, you’ll need:
    • Previous two years of W2s
    • Most recent 30 days paystubs or LES (active duty)
    • Most recent 60 days bank statements
    • Landlord and HR/Payroll Department contact info
  4. Find a home
    • We can help you check whether the home is in one of the Nevada County flood zones
  5. Get the necessary inspections
    • Termite inspection: required
    • Well or septic inspections needed, if applicable
  6. Get the home appraised
    • We can help you find a VA-Certified appraiser in Nevada County and schedule the process
    • Construction loan note: Construction permit/appraisal info
      1. Building permit
      2. Elevation certificate
  7. Lock-in your interest rates
    • Wait until the appraisal to lock-in your loan rates. If it turns out you need to make repairs, it can push your closing back. Then you can get stuck paying rate extension fees.
  8. Close the deal and get packing!
    • You’re ready to go.

What is the Median Home Price?

As of March 31st, 2020, the median home value for Nevada County is $477,219. In addition, the median household income for residents of the county is $63,240.

How much are the VA Appraisal Fees?

  • Single-Family: $600.
  • Individual Condo: $600.
  • Manufactured Homes: $600.
  • 2-4 Unit Multi-Family: $850.
  • Appraisal Turnaround Times: 7 days.

Do I need Flood Insurance?

  • The VA requires properties are required to have flood insurance if they are in a Special Flood Hazard Area.
  • In Nevada county, the mountainous terrain reduces flood hazard areas to small areas surrounding bodies of water.

How do I learn about Property Taxes?

  • Sue Home is the Nevada county tax assessor. Her office can be reached at 905 Maidu Avenue Suite 290 Nevada City, California 95959. In addition, her office can also be reached by calling 530-265-1232.
  • The state of California offers various incentive programs that expand statewide for new, growing, and relocating businesses. Two of these programs are California Competes Tax Credit which offers qualifying businesses tax credit and the New employment Credit program which offers a tax credit for taxpayers who hire full-time employees. These and many other programs help in further diversifying the state’s economy.

What is the Population?

  • The county’s population of 99,755 is 84% White, 9% Hispanic, and 3% two or more races.
  • Most county residents are between 18 and 65 years old, with 17% under 18 years old and 28% older than 65.
  • In total, the county has about 40,904 households, at an average of two people per household.

What are the major cities?

The county has two cities and one town, including Nevada City which serves as the county seat. The two other cities in the county are Grass Valley and Truckee.

About Nevada County

Formed in 1851, 13 years prior to the neighboring state of Nevada attaining statehood, Nevada County was actually the first area of the United States to include the stand-alone word Nevada in its name. The term’s etymology is from the name the Sierra Nevada, Spanish for snow-covered. Nevada County is known for its involvement in the California Gold Rush. The early years of California are featured prominently throughout the county. The Nevada Theatre, built in 1865 making it the oldest theater in the state continues to operate to this day. Many notable figures have performed on the stage at the Nevada Theatre, ranging from Mark Twain to Motley Crue.

Further providing Nevada County notoriety is its place as the birthplace of Arcade Video games, with the inception of Pong. The creation of Pong led to the county being nicknamed the “Silicon Valley of the Sierras.” The first cell phone for commercial usage, with the capability of taking photos, was developed in the county seat of Nevada City. Currently, over 1,000 software designers and developers reside in the county.

Our nation’s 31st President, Herbert Hoover once lived in Nevada City, earning a living as a miner, fresh out of Stanford University.

The timber industry, government services, and tourism are the driving forces of the local economy.

Tourism based on the history of this country is reflected in many of the museums found in Nevada County. These museums put the history of the Gold Rush, mining, and the railroad at the forefront. The county is also home to numerous state parks including Malakoff Diggins State Historic Park, Grass Valley’s Empire Mine State Historic Park, and Donner Memorial State Park.

A veteran property tax exemption exists for veteran homeowners in Nevada County, amounting to $4,000. A disabled veterans exemption which is for a far greater monetary sum is accessible for disabled veterans with a total disability, blindness or the loss of use of more than one limb. This exemption is also available for the surviving spouses of disabled veterans.

Veteran Information

The county is currently home to 8,319 veterans, and they all have access to:

  • Nevada County is home to one VFW post:
    • Post-2655 Banner Mountian: 415 North Pine Street, Nevada City, CA 95959.
  • County Veteran Assistance Information
    • Nevada County Veteran Services Office: 988 McCourtney Road Grass Valley, CA 95949.

Apply for a VA Home Loan

  • For more information about VA Home Loans and how to apply, click here.
  • If you meet the VA’s eligibility requirements, you will be able to enjoy some of the best government guaranteed home loans available.  
  • VA loans can finance the construction of a property. However, the property must be owned and prepared for construction as the VA cannot ensure vacant land loans.

VA Approved Condos

Name (ID): THE BOULDERS (000151)
Address: 
10844 CINNABAR WAY
TRUCKEE CA 96161
NEVADA
Status: Accepted Without Conditions
Request Received Date: 05/13/2015
Review Completion Date: 06/02/2015

Oregon VA Loan Information: https://www.vahomeloancenters.org/oregon-va-home-loan-limits/

VA Loan Information by State: https://www.vahomeloancenters.org/va-loan-limit-maximum-va-loan-amount/

The post Nevada County, California VA Loan Information appeared first on VA Home Loan Centers.

Source: vahomeloancenters.org

Benton County, Oregon VA Loan Information

Table of Contents

  • What is the VA Loan Limit?
  • How to Apply for a VA Home Loan?
  • What is the Median Home Price?
  • What are the VA Appraisal Fees?
  • Do I need Flood Insurance?
  • How do I learn about Property Taxes?
  • What is the Population?
  • What are the major cities?
  • About Benton County
  • Veteran Information
  • Apply for a VA Home Loan
  • VA Approved Condos

FAQ

What is the VA Loan Limit?

2021 VA Home Loan Limit: $0 down payment up to $5,000,000* (subject to lender limits) /2 open VA loans at one time $548,250 (Call 877-432-5626 for details).

How to Apply for a VA Home Loan?

This is a quick look at how to apply for a VA home loan in Benton county. For a more detailed overview of the VA home loan process, check out our complete guide on how to apply for a VA home loan. Here, we’ll go over the general steps to getting a VA home loan and point out some things to pay attention to in Benton County. If you have any questions, you can call us at VA HLC and we’ll help you get started.

  1. Get your Certificate of Eligibility (COE)
    • Give us a call at (877) 432-5626 and we’ll get your COE for you.
  2. Are you applying for a refinance loan? Check out our complete guide to VA Refinancing.
  3. Get pre-approved, to get pre-approved for a loan, you’ll need:
    • Previous two years of W2s
    • Most recent 30 days paystubs or LES (active duty)
    • Most recent 60 days bank statements
    • Landlord and HR/Payroll Department contact info
  4. Find a home
    • We can help you check whether the home is in one of the Benton County flood zones
  5. Get the necessary inspections
    • Termite inspection: required
    • Well or septic inspections needed, if applicable
  6. Get the home appraised
    • We can help you find a VA-Certified appraiser in Benton County and schedule the process
    • Construction loan note: Construction permit/appraisal info
      1. Building permit
      2. Elevation certificate
  7. Lock-in your interest rates
    • Pro tip: Wait until the appraisal to lock-in your loan rates. If it turns out you need to make repairs, it can push your closing back. Then you can get stuck paying rate extension fees.
  8. Close the deal and get packing!
    • You’re ready to go.

What is the Median Home Price?

As of August 31st, 2020, the median home value for Benton County is $385,002. In addition, the median household income for residents of the county is $58,655.

How much are the VA Appraisal Fees?

  • Single-Family: $775.
  • Individual Condo: $825.
  • Manufactured Homes: $825.
  • 2-4 Unit Multi-Family: $950.
  • Appraisal Turnaround Times: 10 days.

Do I need Flood Insurance?

  • The VA requires properties are required to have flood insurance if they are in a Special Flood Hazard Area.
  • In Benton County, most flood hazard areas are located along the Willamette River which borders the county to the east. Several other creeks within the county are also prone to flooding. However, one of the most significant flood hazard areas is Marys River which floods areas within the city of Corvallis.

How do I learn about Property Taxes?

  • The Benton county tax assessor’s office is located at 4077 S.W. Research Way Corvallis, Oregon, 97333. In addition, the office can also be reached by calling (541) 766-6855
  • Oregon offers businesses that invest and hire within enterprise zones the option to be exempt from property taxes for at least three years. In addition, the Oregon Investment Advantage encourages new businesses to start and relocating to the state. For example, the program offers income tax subtraction, and it can also eliminate state income liability for new businesses for many years.

What is the Population?

  • The county’s population of 93,053 is 79% White, 7% Hispanic, and 7% Asian.
  • Most county residents are between 18 and 65 years old, with 16% under 18 years old and 17% older than 65.
  • In total, the county has about 35,056 households, at an average of two people per household.

What are the major cities?

The county has five cities, including the city of Corvallis, which serves as the county seat. In addition, there are four other cities Adair Village, Albany, Monroe, and Philomath.

About Benton County

Benton County is located in western Oregon and is home to a friendly local community and excellent dining options. Fun in the Oregon wilderness is waiting at any of the beautiful outdoor spots in the county. Many fun and interesting attractions can be found all over the area, including museums, art galleries, golf courses, and much more. Don’t miss out on any of the exciting festivals held in the county, where you can truly celebrate like a local! Benton County was officially founded on December 23, 1847, and was named after Thomas Hart Benton, who served as a U.S. Senator. The current population of the county is 90,951.

Enjoy all the beauty of the Oregon landscape at any of the scenic outdoor spots in Benton County. The E.E. Wilson Wildlife Area is the perfect place to get away from it all, featuring beautiful hiking trails and scenic campsites. For some of the best hiking and rock-climbing opportunities, be sure to check out Mary’s Peak, which offers majestic lookout points. Bring your friends and family to Riverfront Commemorative Park, which features walking paths, picnic areas, and much more. Other scenic outdoor spots in the county include the Alsea Falls Recreation Site and the Beazell Memorial Forest.

A great time is waiting at any of the amazing attractions in Benton County. The Arts Center is a can’t-miss for art-lovers, featuring a huge variety of paintings and sculptures made by talented artists. The Arts Center also hosts workshops, rotating exhibits, and special events. If you are interested in local history, then be sure to visit all the amazing exhibits and artifacts housed within the County Historical Museum. Check out the beautiful Darkside Cinema, which is independently owned and showcases both independent and art films. Other great attractions in the county include the Majestic Theater, Art in the Valley, and the LaSells Stewart Center.

A fun time for the whole family is waiting at all the exciting events held in Benton County. The County Fair and Rodeo bring out most of the local community to enjoy carnival rides, fun games, and delicious local food. Try a multitude of delicious drinks at Corvallis Beer Week. Other great events held in the county include the Corvallis Fall Festival and the Red Blue and Riverfront Festival.

Veteran Information

There are about 5,249 veterans currently living within Benton County, which offers assistance to veterans through:

Benton County is home to one VFW post:

  • Post 3957 Monroe Post – 605 Main Street, Monroe, Oregon 97456.

VA Medical Centers in the county:

  • Benton County VSO – 777 NW 9th Street, Suite 202, Corvallis, Oregon 97330.
  •  

VA Home Loan Information

  • For more information about VA Home Loans and how to apply, click here.
  • If you meet the VA’s eligibility requirements, you will be able to enjoy some of the best government guaranteed home loans available.  
  • VA loans can finance the construction of a property. However, the property must be owned and prepared for construction as the VA cannot ensure vacant land loans.

VA Approved Condos

There are currently no VA approved condos in Benton County, Oregon. However, if you’re interested in getting a condo through the approval process give us a call at (877) 432-5626. We can help you through the condo approval process.   

Oregon VA Loan Information: https://www.vahomeloancenters.org/oregon-va-home-loan-limits/

VA Loan Information by State: https://www.vahomeloancenters.org/va-loan-limit-maximum-va-loan-amount/

The post Benton County, Oregon VA Loan Information appeared first on VA Home Loan Centers.

Source: vahomeloancenters.org

First Time Home Buyer Programs for Veterans

Numerous programs exist to help veterans and service members who are first-time buyers with their closing costs and other expenses.

Indeed, it’s perfectly possible for those who are eligible for VA home loans to become homeowners with very little — or even nothing — in the way of savings.

Check today's VA rates by completing this quick online form.

Advantages of VA home loans for first-time buyers

The most famous housing benefit associated with the VA loan program is the zero down payment requirement. That can be hugely valuable for first time home buyers.

But it’s just one of a whole range of advantages that come with a VA home loan. Here are some more.

Low mortgage rates for VA loans

According to the Ellie Mae Origination Report, in October 2020, the average rate for a 30-year, fixed-rate mortgage backed by the VA was just 2.75%. That compares with 3.01% for conventional loans (ones not backed by the government) and 3.01% for FHA loans.

So VA home loans have lower rates. And that wasn’t just a one-time fluke. VA mortgage rates are lower on average than those for other loans — month after month, year after year.

Lower funding fees for first-time buyers

When you buy a home with a VA loan, you need to pay a funding fee. However, you can choose to pay it on closing or add it to your loan so you pay it down with the rest of your mortgage.

But, as a first-time buyer, you get a lower rate. For you, it’s 2.3% of the loan amount (instead of 3.6% for repeat purchasers) if you make a down payment between zero and 5%.

That’s $2,300 for every $100,000 borrowed, which can be wrapped into the loan amount. It’s a savings of $1,300 per $100,000 versus repeat buyers.

Put down more and your funding fee drops whether or not you’re a first-time buyer. So it’s 1.65% if you put down 5% or more, and 1.4% if you put down 10% or more.

Although it might seem like just another fee, the VA funding fee is well worth the cost since it buys you the significant financial benefits of a VA home loan.

No mortgage insurance for VA loans

Mortgage insurance is what non-VA borrowers usually have to pay if they don’t have a 20 percent down payment. Private mortgage insurance typically takes the form of a payment on closing, along with monthly payments going forward.

That’s no small benefit since mortgage insurance can represent a significant amount of money. For example, FHA home buyers pay over $130 per month on a $200,000 loan — for years.

Mortgage insurance vs funding fee

Let’s do a side-by-side comparison of the mortgage insurance vs. funding fee costs of a $200,000 loan:

  VA Loan FHA Loan
Payable on closing $4,600* $3,500
Payable monthly $0 $133 per month**
Paid after five years (60 months) $4,600 $11,500

*First-time buyer rate with zero down payment: 2.3%. $200,000 x 2.3% = $4,600
** $200,000 loan x 0.8% annual mortgage insurance = $1,600 per year. That’s $8,000 over five years. $1,600 divided by 12 months = $133.33 every month

It’s clear that mortgage insurance can be a real financial burden — and that the funding fee is a great deal for eligible borrowers.

Better yet, that makes a difference to your buying power. Because, absent mortgage insurance, you’re $133 a month better off. And that means you can afford a higher home purchase price with the same housing expenses.

Ready to buy a home? Start here.

Types of first-time homebuyer programs for VA loans

You may find two main types of assistance as a first-time buyer:

  1. Down payment or closing cost assistance
  2. Mortgage credit certificates

Down payment and closing cost assistance

There are thousands of down payment assistance programs (DAPs) across the United States and that includes at least one in each state. Many states have several.

Each DAP is independent and sets its own rules and offerings. So, unfortunately, we can’t say, “You’re in line to get this …” because “this” varies so much from program to program.

Some help with closing costs as well and down payments. Some give you a low-interest loan that you pay down in parallel with your main mortgage. Others give “forgivable” loans that you don’t pay back — providing you stay in the home for a set period. And some give outright grants: effectively gifts.

Mortgage credit certificates (MCCs)

The name pretty much says it all. In some states, the housing finance agency or its equivalent issues mortgage credit certificates (MCCs) to homebuyers — especially first-time ones — that let them pay less in federal taxes.

The Federal Deposit Insurance Corporation explains on its website (PDF):

“MCCs are issued directly to qualifying homebuyers who are then entitled to take a nonrefundable federal tax credit equal to a specified percentage of the interest paid on their mortgage loan each year. These tax credits can be taken at the time the borrowers file their tax returns. Alternatively, borrowers can amend their W-4 tax withholding forms from their employer to reduce the amount of federal income tax withheld from their paychecks in order to receive the benefit on a monthly basis.”

In other words, MCCs allow you to pay less federal tax. And that means you can afford a better, more expensive home than the one you could get without them.

Speak with a mortgage specialist today.

Dream Makers program

Unlike most DAPs, the Dream Makers Home Buying Assistance program from the PenFed Foundation is open only to those who’ve provided active duty, reserve, national guard, or veteran service.

You must also be a first-time buyer, although that’s defined as those who haven’t owned their own home within the previous three years. And you may qualify if you’ve lost your home to a disaster or a divorce.

But this help isn’t intended for the rich. Your income must be equal to or less than 80% of the median for the area in which you’re buying. However, that’s adjustable according to the size of your household. So if you have a spouse or dependents, you can earn more.

It’s all a bit complicated. So it’s just as well that PenFed has a lookup tool (on the US Dept. of Housing and Urban Development (HUD’s) website) that lets you discover the income limits and median family income where you want to buy.

What help does the Dream Makers program offer?

You’ll need a mortgage pre-approval or pre-qualification letter from an established lender to proceed. But then you stand to receive funds from the foundation as follows:

“The amount of the grant is determined by a 2-to-1 match of the borrower’s contribution to their mortgage in earnest deposit and cash brought at closing with a maximum grant of $5,000. The borrower must contribute a minimum of $500. No cash back can be received by the borrower at closing.”

So supposing you have $2,000 saved. The foundation could add $4,000 (2-to-1 match), giving you $6,000. In many places, that might easily be enough to see you become a homeowner.

You don’t have to use that money for a VA loan. You could opt for an FHA or conventional mortgage. But, given the advantages that come with VA loans, why would you?

The Dream Makers program is probably the most famous of those offering assistance to vets and service members. But there are plenty of others, many of which are locally based.

For example, residents of New York should check out that state’s Homes for Veterans program. That can provide up to $15,000 for those who qualify, whether or not they’re first-time buyers.

Start your home buying journey here.

State-By-State Home Buyer Assistance Programs

We promised to tell you how to find those thousands of DAPs — and the MCC programs that are available in many states.

It takes a little work to find all the ones that might be able to help you. But you should be able to track them down from the comfort of your own home, online and over the phone.

A good place to start is the HUD local homebuying programs lookup tool. Select the state where you want to buy then select a link and look for “assistance programs.”

Your best starting point is probably the state’s housing finance office though it might be called something slightly different. You should find details of programs or just a list of counties with phone numbers. Call the number where you want to buy, explain your situation and ask for advice. It’s their agents’ jobs to point you to local, state, or national programs that can help you.

If you look in the right place, you could secure some very worthwhile financial help to assist you in buying your first home.

Check today's VA rates by completing this quick online form.

Source: militaryvaloan.com

How Long Does A VA Loan Take To Close?

There are plenty of myths associated with VA loans, many of which are completely untrue and unfounded. One of these myths is that VA loans can take forever to close.

While the average VA loan takes longer than other loan programs to close, they don’t take forever to close – in reality, according to Ellie Mae’s October 2020 Origination Report it took an average of 54 days for a VA loan to close. This includes everything, from applying for a mortgage to getting the keys to the home.

In terms of home buying, 52 days is hardly forever. Overall, all purchase loans took an average of 51 days to close in the same 90-day period. When you’re getting some of the best rates available while avoiding a downpayment, one extra day is hardly a concern.

But why does a VA loan take longer, and is there a way to speed up the process? Here are some of the factors that could speed up — or slow down — your VA home buying experience.

Check today’s VA rates.

Getting preapproved

The first thing any home buyer should do is get prequalified and preapproved. These two are similar, but they play different roles. Prequalification is the first step in the process, and it gives you an estimate on how much home you can afford.

Preapproval is more in-depth than prequalification. After finding the right lender, you’ll provide them with some more information and they’ll give you an accurate estimate of how much home you’ll be able to afford.

One thing to keep in mind is that you should try to shop below what your preapproval is. This will keep your finances from straying into a dangerous territory, and it can save you stress and time down the road.

Finding a home

The unfortunate reality of today’s housing market is that there just aren’t enough homes to keep up with demand. This can stretch your home buying process on for a long time, and it can be discouraging.

You should have a good idea of what your price range is after you get prequalified, and, if you shop well, you can have a decent list of possible homes ready by the time you get preapproved. You may even have a home in mind before you begin the entire home buying process, which can also save you some time.

But there’s guarantee that any home will work out. Bidding wars are too common, and every bidding war has a loser. If you miss out on a home, this is going to set your timeline back.

Agreeing on a timeline with the seller

After you agree to buy a home from a seller, you will agree on a purchase date and a move-in date (which could be the same).

One misconception with home buying is that people selling their homes are ready to move out now. While some are, plenty are not. You might agree on a price with the current homeowner, but you could end up having to wait an additional week or two – and possibly longer – until you actually get the house. If you’re set on a specific property, understand that this might happen.

Click to begin the home buying process.

The VA appraisal

There are plenty of horror stories surrounding VA appraisals. It’s true that your appraisal can be slow and horrible, but that isn’t always the case.

To be safe, expect the VA appraisal to take around 10 days to complete. Your lender is going to hire a VA appraiser, and not all appraisers are approved for VA homes. Also, the VA has tighter standards for what’s acceptable in an approved home. A seemingly perfect home can get slowed down by the VA appraisal. Because this is all out of your control, the best thing to do is plan for the worst.

Required fixes

The worst case scenario with a VA appraisal is that the home requires fixes. Fixes take extra time and money, two things you’re trying to avoid.

Financially, you can always as the seller to reduce the cost of the home to cover the required repairs and fixes. You can also pay for these yourself – likely the quickest way to get through the process. If the repairs are extensive, this could mean a lot of money and plenty of time. You can always walk away from the home if it isn’t right.

The length of your VA loan could take longer than most

While Ellie Mae’s average time to close is 54 days, that means plenty of homes take longer to close. With some factors completely out of your control, you should prepare for the possibility of a longer loan.

On the flip side, your loan could close much quicker than the 52 days. To increase your chances of this, be sure to have everything ready. Prequalification and preapproval are important steps, and the sooner you begin those, the sooner you can begin your journey toward a new home.

Click to begin the preapproval process.

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Source: militaryvaloan.com