I have above average income also and I am in the process of purchasing a new home in Oceanside. I will be using my veterans benefits and I do qualify for zero down CALVET/VA. My debt is essentially zero. I was told by CAL VET that they are getting very strict on underwriting standards. My loan amount will be in the 500k neighborhood (zero down). I am a bit worried they will not have the money when closing time comes. My wife and I have been patiently watching the market for 3 years. After making offers on foreclosure properties above asking price and not ever getting any “counter offer” offers, I decided to look at the “New House” market. There are very few “NEW” higher end single level homes out there. It looks like future new homes are going to be much smaller and less luxurious then the current inventory that exist. I think this home is one of the very few left. I feel like this is a good time to buy this particular real estate, however, I think there will be some really good deals coming from the “even higher end” homes. I am tired of seeing all my income pissed away to Uncle Sam and not being able to do what I want to the home or property I’m renting. There is an unbelievable amount of activity out there in the lower tier market (mulitple offers on the first day for a decent property). I believe the middle tier is getting very close to its bottom, and the upper tier has a long way to go. I can’t buy anything decent in the lower tier, and the middle tier nice homes are getting gobbled up with in a week. I say if you can get in with zero down, do it.
