Hi Gill: I am reading your question as not so much will you qualify but CAN you buy: given the current conditions of the market ie; multiple offers, offering over asking price, etc. VA loans are the most forgiving in underwriting, so approval should not be your obstacle.
As I work with VA buyers on a regular basis, I can answer your question and say 'YES!! However, It will take some patience and your agent staying on top of the market for you.
This requires a real estate agent that is not only saavy in the market in which you are looking, but, in this market, knows a LOT of people. Knows when a listing is coming available so that you can get the jump on it.
Now more than ever this business requires good working relationships and experience. In the past three months, the transactions I have seen go into escrow are between agents who know one another, want to work with one another (trusting the transaction is going to run smoothly AND close) and agents who communicate.
My most recent transaction was a buyer who went into escrow after writing, at least, 10 other offers with another agent.
Once my borrower landed with the right agent who knew how to speak with other agents and who could help the borrower craft a letter that touched the sellers so much that they chose their offer over the other 18 offers that were written.
Yes! You can find a home with a VA loan. If any real estate agent snub their nose at your financing (see it happen with VA, FHA and low down conventional), find another. Trulia is a great place to look for reviews.
If you want to give specifics about your transaction or would like a referral for a well versed Walnut Creek agent you can ask me at firstname.lastname@example.org