The type of properties available for purchase with VA loans for military homebuyers in San Diego, CA created significant problems in 2009. Since, the average affordability for most military homebuyers in San Diego, CA fall within the "condo"price point.
Most military homebuyers pursued a condo purchase rather than a single family home in the hopes of getting a deal; However most buyers ran into a big roadblock. Many condos in San Diego, CA are not approved for VA loans for military homebuyers or the certification is questionable.
A condominium must have VA approval for VA loans for military homebuyers. A potential buyer can obtain financing through the Veterans Administration. Plus, in some parts of San Diego such as Downtown, the Home Owner Association fees can push the cost of buying a condo beyond reach.
This all tallied up to be an even bigger frustration for buyers with veteran loans looking to snag a deal and walk away with zero down. The lack of inventory and desirability made it unattractive to use VA loans for military homebuyers.
It was very stressful on families who had to face offer rejection numerous times and much uncertainty about whether they would indeed get to actually buy a place despite the hardship. For some, the financial and physical burden of staying in a hotel, usually on base during the buying process, got to be overwhelming.
Oftentimes, I would personally feel the pain, understand the frustration and share the anxiety of how the market seemed to discriminate against VA loans for military homebuyers who are extremely credit worthy and hardworking.
It is fair to say, that the number of VA loans for military homebuyers in 2009, did indeed more than triple the 1,300 homes sold in the previous year. However, experts believe the number would have been much higher if real estate agents and lenders didn’t have such reluctance to work with buyers using veteran loans.
Also, VA loans for military homebuyers are not the only option they could also use conventional or FHA loans. Just like any other first time homebuyer today, many are young, starting out and don’t have that type of nest egg.
Now with 2010 upon us, let’s see how VA loans for military homebuyers fare in the San Diego real estate market.
Lorraine Santirosa works with military families who need to buy or sell their homes as they relocate to and from the San Diego area. Va loans for military homebuyers in San Diego part 1