Home Buying in San Marcos>Question Details

jun, Home Buyer in San Marcos, CA

I'm a Navy Officer currently stationed in Japan and will be here for anther 3 years. Can i buy a house in California now with Zero down and?

Asked by jun, San Marcos, CA Sat Feb 9, 2013

closing?

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Shane Milne’s answer
Jun,

VA financing requires the veteran to occupy the property within a reasonable time, which VA defines as 60 days. However more than 60 days, up to 12 months, can be considered reasonable if you can certify you will occupy the property at a specific date after the loan closing and there is a particular future event that will make that possible (such as you coming home from deployment). Now you do not need to maintain a physical presence at the property on a daily basis, however occupancy “as the veteran’s home” implies that the home is located within reasonable proximity of your employment. If your employment requires your absence from home a substantial amount of time, then you must have a history of continuous residence in the community and there must be no indication that you have established, intends to establish, or may be required to establish, a principal residence elsewhere. Additionally, occupancy by your spouse or a dependent child can also satisfy the occupancy requirement. So you may have some options even if you decide to purchase now vs. closer to when you'll be coming home.

It is all covered in the official VA guidelines (Lender's Pamphlet 26-7, starting on page 3-12) at http://www.benefits.va.gov/WARMS/docs/admin26/handbook/Chapt…

Shane Milne | Lending in all 50 states | NMLS #81195
shane@thebesthomeloans | 949-273-4161 direct
0 votes Thank Flag Link Sun Feb 10, 2013
shane,
thank you for your thorough response. since my family is with me on my tour here in japan, what im getting is that i will not qualify for the VA zero down program.
Im a little confused with others responses below though.
Jun
Flag Mon Feb 11, 2013
BEST ANSWER
Hi Jun, thanks for the follow up reply to my answer, sorry there was any confusion with others responses. Since your spouse & kids are living with you in Japan, that is correct, there would be no one else remaining to meet VA's occupancy requirement... but there is an exception if you are being temporarily deployed from your permanent duty station. In that link I posted, it says:

Single or married servicemembers, while deployed from their permanent
duty station, are considered to be in a temporary duty status and able to
meet the occupancy requirement. This is true without regard to whether or
not a spouse will be available to occupy the property prior to the veteran’s
return from deployment.

Is Japan your permanent duty station, or is it in San Diego? If it's in San Diego (or in the vicinity of San Marcos), then you have a shot of this working out. It also isn't a bad idea for you to contact VA directly and ask if your situation would qualify under an "unusual circumstance". The part of VA that handles these types of questions are called "Regional Loan Centers" (RLC's) and there are various ones located around the U.S., the one who handles questions on properties in California is located in Phoenix and their website is http://www.benefits.va.gov/ROPHOENIX/Phoenix_Regional_Office… (has phone #'s & email addresses - the one you'd want to contact is "Loan Production").

Shane Milne | Lending in all 50 states | NMLS #81195
shane@thebesthomeloans | 949-273-4161 direct
0 votes Thank Flag Link Mon Feb 11, 2013
You are welcome Jun. Good luck over there!
Flag Tue Feb 12, 2013
hi shane. japan is actually our permanent duty station so i will have to wait until we return to CONUS to avail the VA program.
thanks again for your expertise and more power!
Flag Tue Feb 12, 2013
This is a smart move. Do you have VA entitlement? You should check with your service office for details that relate to your specific scenario.
0 votes Thank Flag Link Sat Mar 2, 2013
Hi Navy Officer,
Yes, you can buy a home with no down if you can find a seller willing to take an offer. You would have to go VA and pray, but I have done it. I don't like to tell all my secrets on line so if you call me I will tell you more on how to do this. Thank you, Dana & Eva 626-393-4271 my cell phone
0 votes Thank Flag Link Wed Feb 27, 2013
Hello Jun, Yes you can with an immediate family member living there for you as owner occupied. You yourself do not have to occupy the property until you return in 3 years...

http://www.under640ficoscoreloans.com/Pages/VAHomeLoans.aspx

http://www.under640ficoscoreloans.com/Pages/CalVetHomeLoans.aspx

http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
20+ Years Experience
DRE# 01140252
NMLS# 297251
760-486-4225
9am till 9pm 7 days
http://youtu.be/MrygA2_8fAY
0 votes Thank Flag Link Mon Feb 11, 2013
Yes, you can buy with zero down and zero closing costs at the close of escrow as you will have to put up an earnest money deposit of as low as $1,000 and then there is an appraisal cost to a third party of $450 and some closing costs and then get re-imbursed at the close of escrow. With the new laws of high cost, and depending on the your fico scores determines that but you will probably not get your appraisal funds back tho. It only takes a few dozen questions to qualify in minutes and go over your options.

http://www.under640ficoscoreloans.com/Pages/VAHomeLoans.aspx

http://www.under640ficoscoreloans.com/Pages/CalVetHomeLoans.aspx

http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA & CalVET Loan Specialist
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
20+ Years Experience
DRE# 01140252
NMLS# 297251
760-486-4225
9am till 9pm 7 days
http://youtu.be/MrygA2_8fAY
0 votes Thank Flag Link Sun Feb 10, 2013
Absolutely - as long as you qualify! The trick is to find a home when you can't look at it or see the surrounding areas...Family and friends can help but it's not really the same. And if you do buy while you are in Japan...will you need to rent it out?

It's all possible but challenging from your distance....
0 votes Thank Flag Link Sun Feb 10, 2013
Hello Jun~

Great answer by Sheryl! Do you have family in San Diego that would want to live in the home? Even if you don't, it shouldnt be hard to find family that would move here, right? :) Feel free to contact me to discuss how I have been assisting others who received Navy orders to Japan from San Diego recently. Thank you for your service.

Chris Gorno
Windermere Real Estate
DRE# 0199885
http://www.ChrisGorno.com
619.788.4345
0 votes Thank Flag Link Sat Feb 9, 2013
Hello jun, I am also a Veteran and specialize in VA and CalVET loans and love to assist fellow Veterans. Yes, you can buy a home here as long as a direct family member lives in it. It only takes a few dozen questions to qualify you in minutes. You can not rent it out while deployed as VA or CalVET home are owner occupied except with this type of exception of a family member living in it. You will gain some equity that would be a good thing. Here is a needs list to gather for processing a loan approval. http://www.under640ficoscoreloans.com/Documents/VA%20needs%20list…

Here are links to study and consider.

http://www.under640ficoscoreloans.com/Pages/VAHomeLoans.aspx

http://www.under640ficoscoreloans.com/Pages/CalVetHomeLoans.aspx

http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
20+ Years Experience
DRE# 01140252
NMLS# 297251
760-486-4225
9am till 9pm 7 days
http://youtu.be/MrygA2_8fAY
0 votes Thank Flag Link Sat Feb 9, 2013
Yes or very close to your VA loan can be used. I work w a VA loan specialist and we manager properties. Make some extra cash while deployed, that's make that happen for you call or text, I'm in FB also...
0 votes Thank Flag Link Sat Feb 9, 2013
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