Why Use A VA Loan To Buy A Home In San Diego?
Are you active or retired military in San Diego, tired of paying rent or the family is growing and now you’re ready to buy your own home? Or do you have military relocation orders to San Diego? When you consider record low interest rates, increasing foreclosures, higher BAH and an increase in the VA $0 down loan limits, there could not be a better time to buy than now!
VA (Veteran Administration) home loans have increased their limits for 100% financing in San Diego County to $537,500 for 2011. That is an increase of $100,000 from 2010. VA loans are a 30 year fixed rate and fully amortized with 100% financing option for most types of residential properties; San Diego condos, detached homes, PUD’s, manufactured homes, even duplexes, triplexes, and fourplexes all can be financed with a VA home loan. Below market interest rates are available for buyers who qualify to use the VA home loan guarantee.
The median sales price for homes in San Diego CA for Feb 2011 to Apr 2011 was $307,000. What this means for you is that instead of living in housing or renting an apartment, you can own your own home for around the same monthly cost. Active duty military receive BAH (Basic Allowance for Housing). Due to recent changes in the market, purchasing a home in San Diego can now be less (per month) than the BAH deduction for living in military base housing. Currently in San Diego, the 2011 average BAH (Basic Allowance for Housing) according to rank is between $1941.00-$3144.00 with dependents and $1464.00-$2553.00 without dependents.
These government issued loans in San Diego are very compatible with many of the San Diego First Time Buyer Programs. Your VA loan can be used to purchase a San Diego Home with $0 down and $0 buyer paid closing costs. This is accomplished with the closing costs negotiated to be paid by the seller. In most cases you can not normally include consumer debt in the transaction using a VA (Veteran Affairs) loan. You can however, include energy efficient home improvements into the loan amount.
San Diego, California is one of the Country’s top States for VA (Veteran Affairs) home loans. It is on a continuously steady rise with so many bank owned, short sale and foreclosure properties being marketed for below market value cost. VA home loans made up 6.4 percent of all home-purchase loans in February among 20 major metro areas, including San Diego County, according to analysts at DataQuick Information Systems on Monday May 30th.
Considering the many opportunities for military members and their families in the San Diego area who are interested in purchasing a home, its obvious why buying using a VA loan is smater than renting.
If you live in San Diego or Southern California and would like to apply for a VA home loan
visit or call VA HLC today @ 888-573-4496. Philip Georgiades San Diego VA Loan,
VA Home Loan Centers.