Any hope for VA/Cal-Vet?

User Forum Topic
Submitted by AK on November 25, 2008 - 12:16pm

OK, here's my situation ...

I've been waiting patiently for years, hoping affordability will return and trying to put away a few bucks for transaction costs / reserves / down payment / etc. I've managed to remain debt-free except for a very modest car payment. But building savings has been hard due to Easy Al's cheap-money policies :) so conventional financing isn't an option. Fortunately I have full unused VA eligibility (Gulf War I era veteran).

The prequalification calculator on ginniemae.gov tells me I can qualify for about $250K. While I'm sure I could get more through automated underwriting, I wouldn't feel comfortable going above $275K. After all I do intend to make my payments :)

The impression I get from my fellow Piggs is that there's a lot of activity in that price range ... multiple offers, some all-cash, "motivated" sellers wanting to close deals quickly, and not a lot of patience for the extra complications of FHA/VA.

What do you think, fellow Piggs? Any hope of closing a decent deal on an SFR in the 250-275 price range with VA or Cal-Vet? Do you know anyone who's managed to do just that, particularly in the coastal or inland North County areas?

As always your opinions are greatly appreciated!

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