VA loans for Military homebuyers in San Diego, CA

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Real Estate Agent with HomeSmart Realty West Cal BRE#01427412

 

VA loans for military homebuyers in San Diego, CA  have become popular once again. The hot buyer’s market in the first half of 2009 was a big opportunity for military homebuyers to take the plunge and buy a piece of San Diego real estate. After all, the market was ripe with foreclosure bargains, low interest rates, first time homebuyer tax credit and the ability to use the veteran benefit to buy a home.  

A sudden interest in VA loans for military homebuyers started to emerge overnight because the real estate market started to change. With stricter financing guidelines, those eligible for VA loans became the only market sector that could get a loan with ZERO down.  In this economic recession having a steady job is also very important when applying for mortgage financing. The stigma held by lenders and real estate agents against VA buyers quickly shifted and the military homebuyer became the new prized client. Real estate agents who realized the business potential attended seminars to brush up on how to work with VA loans for military homebuyers. Consequently, military members started to feel respected once again, after being all but shut out during the boom.   By the third quarter, a problem started to emerge with this newfound market segment in high demand.

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   Using the VA loans for military homebuyers in San Diego, CA was becoming a challenge in getting their offers accepted by sellers. Lenders of bank owned properties were benefitting from having too many buyers competing for deals or multiple offers and were reluctant to accept a VA offer.  It’s "too much hassle, more costly and longer to process" were the responses coming from REO managers about offers submitted with veteran loan approval .  It began to take a toll on the market. Suddenly, there was a growing reluctance to work with VA loans for military homebuyers.  Real estate agents felt the frustration of having to spend hours showing properties and submitting multiple offers only to get their VA offer rejected for an all cash, conventional or even FHA offer instead.  

 

Furthermore, the much speculation and talk of the foreclosure shadow inventory being released to ease the inventory shrinkage didn’t happen.  What we got was a slow trickle that whipped up the demand, increased prices and squeezed out more VA buyers. How could it have gone sour so quickly? Click here to learn more about VA loans for military homebuyers in San Diego , CA  

Lorraine Santirosa works with military families who need to buy or sell their homes as they relocate to and from the San Diego area.

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Rainmaker
814,296
Bill Ladewig
LoanOfficerSchool.com - Escondido, CA
Experience Is Your Advantage

Hi Lorraine, VAs are back at last.  They never should have gone away because they always provided much better 100% financing than was offered up to a couple of years ago.

It is huge misconception that VA loans are more hassle and take longer... that is just not true.  A competent loan officer can easily close them within 30 days.

 

Feb 08, 2010 09:04 AM #1
Rainer
230,656
Stephanie Reynolds
Integrity First Financial Group, Inc. - Santee, CA
East County San Diego Homes 619-838-4408

With San Diego being a big Military hub, there are many opportunities for the VA home buyer to find a great home in today's market. Although many of the REO Sellers and Short Sales may be a bit of a challenge, there are many ways to write a VA contract that is just as attractive as FHA or Conventional. Even with no money down and non-allowable closing costs.

Feb 08, 2010 09:06 AM #2
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Rainer
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Lorraine Santirosa

#1 San Diego Military Relocation Expert!
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