Home Buying in 92121>Question Details

Mike, Home Buyer in San Diego, CA

hi! I'm a first time home buyer. I would like to know if the zero down for military are still apply since the

Asked by Mike, San Diego, CA Mon Jul 7, 2008

law change to put 10% value of the house. Thanks!

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Yes, sir! Loan limits apply up to $417,000 however. I just closed a VA first time buyer loan and the buyer purchased a $400,000 home with absolutely $0 down and NO closing costs! His PMI was waived also due to his documented disability benefits. With home values on the decline the trick is to locate a home priced within your $417k price tag. Be sure the seller is willing to pay your closing costs and you should have no problem. I know that credit worthiness and appraisal will be other factors. But it is an excellent benefit for veterans if they can use it!! Good luck.
1 vote Thank Flag Link Mon Jul 7, 2008
Mike,

Yes. There are zero-down VA loans, and better yet, there are sellers who will be willing to help you with closing costs.

San Diego is a buyer's market, and you should have no difficulty finding the loan program and financial assistance you are seeking.

Good luck!
0 votes Thank Flag Link Thu Aug 14, 2008
Roberta Murp…, Real Estate Pro in San Diego, CA
MVP'08
Contact
When it comes down to it; the best thing to do is to be pre-qualified for a loan based on your credit scores, and income. In that pre-qualficatin a lender will be able to tell you if you qualify for one, none, or 7 loan programs. If you qualify for more than one, and in your case, that includes VA loans, you can then look at all of your loan options, and decide which one makes the most sense, factoring in any money down that may or not be required, down payment assistance, interest rate, fees etc.
Web Reference: http://www.oyohaz.com
0 votes Thank Flag Link Wed Aug 13, 2008
Thier are programs that I as an REALTOR / MORTGAGE: BROKER have access to help you purchase your home as a First Time Home Buyer with Zero Down. Keep me posted, if you are interested in my services. Sincerely, Ruben Sanchez 619.251-5093
Web Reference: http://www.RuBenRealty.com
0 votes Thank Flag Link Thu Jul 10, 2008
Hi Mike -
I am a service member too, and I have looked into this extensively in the past. I would suggest the you do not use your VA loan if you can avoid it. It has a 3% funding fee which is a large amount to overcome in this market if you are planning on selling once you PCS. If you can scrape together 3% down, you can benefit from some GREAT loans from Navy Federal Credit Union. You should also use RedFin.com if they are available in your area since they offer you cash back at the conclusion of your sale. The fact that agents make commission from the seller should not deter you from trying to negotiate this - after all there are a lot houses for sale and not too many people buying right now. Having a sure income level is really in your favor right now - use it to your advantage! VA is not a good answer unless you really can't get a loan from Navy Fed... they have 0 down loans for active duty that have only a 1% funding fee. Best of luck to you and your family!
0 votes Thank Flag Link Tue Jul 8, 2008
Mike,
Zero Down payment VA loans are still available up to $417,000. VA loans are available for purchases up to $927,000 with some contribution to down payment. Now is a great time for military buyers to purchase in San Diego. Prices have come down, interest rates are low, and BAH was recently increased. Your VA benefit gives a a significant advantage over civilians that do not have access to the VA loan benefit with 100% financing.
There are many other important aspects of your benefits that I'd like to share with you but there is not that much room for that here. Our company is the only firm I know of that specializes in serving military, veterans and their families. If you'd like more information on your options and opportunities in the area, please give me a call (619) 850-5432. Best Regards, Woody
0 votes Thank Flag Link Mon Jul 7, 2008
Hi Mike, This Mike a work with many Active Duty Marines and Navy as well as Vets and I'm an Ex Marine too. There are loans for you with no money down. Visit my site and shoot me an email and I'll get started helping you right away.
0 votes Thank Flag Link Mon Jul 7, 2008
Hi Mike:
As a military brat myself, I have a lender that does VA loans that is very good. He is here in North County and his name is Todd Pianin of Samuel Scott Financial Group 858-259-6070. You will be in good hands with him. Tell him I referred you. After you speak with him, give me a call at 858-945-5414 (cell) and I'll take it from there.
Tricia O'Brien
Prudential California Realty
0 votes Thank Flag Link Mon Jul 7, 2008
Hi Mike,

Your VA certificate of eleigibility is still good up to $719k. Hire a good agent who knows the ins and outs of a VA loan. Thanks for your service.

Laarni
0 votes Thank Flag Link Mon Jul 7, 2008
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