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

New-year optimism reflected in mortgage applications jump

Mortgage applications jumped 16.7% after a 4.2% drop last week, according to the Mortgage Bankers Association.

The jump underlines the seasonality behind last week’s decrease in mortgage rates, as well as the expectation of additional fiscal stimulus from the incoming administration, per MBA Associate Vice President of Economic and Industry Forecasting Joel Kan.

“Booming refinance activity in the first full week of 2021 caused mortgage applications to surge to their highest level since March 2020, despite most mortgage rates in the survey rising last week,” Kan said.

The 30-year fixed mortgage rate climbed two basis points to 2.88%, but the 15-year fixed rate fell to 2.39% — a survey low. The refinance index increased 20% from the previous week and was 93% higher than the same week one year ago.

“Even with the rise in mortgage rates, refinancing did not slow to begin the year, with the index hitting its highest level since last March,” said Kan. “Both conventional and government refinance applications increased, with applications for government loans having their strongest week since June 2012.”

The seasonally adjusted purchase index increased 8% after a 0.8% decrease from last week.

The FHA share of total applications decreased to 9.6% from 10.1% the week prior. The VA share of total applications increased to 15.8% from 13.6% the week prior.

“This is a positive sign of more lower-income and first-time buyers returning to the market,” Kan said.

Here is a more detailed breakdown of this week’s mortgage application data:

  • The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($510,400 or less) increased to 2.88% from 2.86%
  • The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $510,400) increased to 3.17% from 3.08%
  • The average contract interest rate for 30-year fixed-rate mortgages increased to 2.93% from 2.90%
  • The average contract interest rate for 15-year fixed-rate mortgages decreased to a survey-low 2.39% from 2.40%
  • The average contract interest rate for 5/1 ARMs increased to 2.66% from 2.63%

The post New-year optimism reflected in mortgage applications jump appeared first on HousingWire.

Source: housingwire.com