OMG I just want to buy a freaking house!

[bookczar]

Folks, I’m just having a really tough time buying a house in San Diego. Just about everything that we come across is a short sale or it’s bank owned, or the seller will only take cash.

We’ve been trying since December to make something happen and it’s just a big black hole when it comes to getting our offers accepted. Honestly, I’m beginning to think that nobody in this town will accept a VA loan offer. Our offers are serious, over list and at the top end of the comps in the areas we wish to buy in but still no luck.

Any advice out there for well qualified buyers with a loan backed by the VA that just wants to buy a place to live in this town? Seriously, what’s it going to take besides a mattress full of cash to buy a house?

[an]

This is the same story I hear from people who are actively looking right now too. Good luck to you.

[an]

This is the same story I hear from people who are actively looking right now too. Good luck to you.

[an]

This is the same story I hear from people who are actively looking right now too. Good luck to you.

[an]

This is the same story I hear from people who are actively looking right now too. Good luck to you.

[an]

This is the same story I hear from people who are actively looking right now too. Good luck to you.

[analyst]

For eligible borrowers, the VA loan is the very best loan to have. From the seller’s point of view, it is the worst kind of loan.

The VA prohibits the borrower from paying several kinds of fees that are commonly charged to buyers. The seller must pay these, or convince people not to charge them, an undesirable complication.

The VA requires an inspection by a VA-specified inspector. The seller may be required to remedy certain conditions which would not become issues with other types of loans. As much trouble as it is, the VA inspection is not sufficiently detailed to be the only inspection. You should still engage an inspector working for you to give the house an exhaustive examination.

In a competitive situation, the VA loan will be the first one eliminated from consideration (unless you happen to be dealing with a seller who is also a veteran and feels affluent enough to give a fellow veteran a break).

Calculate whether you can tolerate an FHA loan with the 3.5% down payment, taking into account the federal tax credit, if eligible. If it doesn’t work today, listen for the announcement of a larger tax credit, with relaxed eligibility requirements.

[analyst]

For eligible borrowers, the VA loan is the very best loan to have. From the seller’s point of view, it is the worst kind of loan.

The VA prohibits the borrower from paying several kinds of fees that are commonly charged to buyers. The seller must pay these, or convince people not to charge them, an undesirable complication.

The VA requires an inspection by a VA-specified inspector. The seller may be required to remedy certain conditions which would not become issues with other types of loans. As much trouble as it is, the VA inspection is not sufficiently detailed to be the only inspection. You should still engage an inspector working for you to give the house an exhaustive examination.

In a competitive situation, the VA loan will be the first one eliminated from consideration (unless you happen to be dealing with a seller who is also a veteran and feels affluent enough to give a fellow veteran a break).

Calculate whether you can tolerate an FHA loan with the 3.5% down payment, taking into account the federal tax credit, if eligible. If it doesn’t work today, listen for the announcement of a larger tax credit, with relaxed eligibility requirements.

[analyst]

For eligible borrowers, the VA loan is the very best loan to have. From the seller’s point of view, it is the worst kind of loan.

The VA prohibits the borrower from paying several kinds of fees that are commonly charged to buyers. The seller must pay these, or convince people not to charge them, an undesirable complication.

The VA requires an inspection by a VA-specified inspector. The seller may be required to remedy certain conditions which would not become issues with other types of loans. As much trouble as it is, the VA inspection is not sufficiently detailed to be the only inspection. You should still engage an inspector working for you to give the house an exhaustive examination.

In a competitive situation, the VA loan will be the first one eliminated from consideration (unless you happen to be dealing with a seller who is also a veteran and feels affluent enough to give a fellow veteran a break).

Calculate whether you can tolerate an FHA loan with the 3.5% down payment, taking into account the federal tax credit, if eligible. If it doesn’t work today, listen for the announcement of a larger tax credit, with relaxed eligibility requirements.

[analyst]

For eligible borrowers, the VA loan is the very best loan to have. From the seller’s point of view, it is the worst kind of loan.

The VA prohibits the borrower from paying several kinds of fees that are commonly charged to buyers. The seller must pay these, or convince people not to charge them, an undesirable complication.

The VA requires an inspection by a VA-specified inspector. The seller may be required to remedy certain conditions which would not become issues with other types of loans. As much trouble as it is, the VA inspection is not sufficiently detailed to be the only inspection. You should still engage an inspector working for you to give the house an exhaustive examination.

In a competitive situation, the VA loan will be the first one eliminated from consideration (unless you happen to be dealing with a seller who is also a veteran and feels affluent enough to give a fellow veteran a break).

Calculate whether you can tolerate an FHA loan with the 3.5% down payment, taking into account the federal tax credit, if eligible. If it doesn’t work today, listen for the announcement of a larger tax credit, with relaxed eligibility requirements.

[analyst]

For eligible borrowers, the VA loan is the very best loan to have. From the seller’s point of view, it is the worst kind of loan.

The VA prohibits the borrower from paying several kinds of fees that are commonly charged to buyers. The seller must pay these, or convince people not to charge them, an undesirable complication.

The VA requires an inspection by a VA-specified inspector. The seller may be required to remedy certain conditions which would not become issues with other types of loans. As much trouble as it is, the VA inspection is not sufficiently detailed to be the only inspection. You should still engage an inspector working for you to give the house an exhaustive examination.

In a competitive situation, the VA loan will be the first one eliminated from consideration (unless you happen to be dealing with a seller who is also a veteran and feels affluent enough to give a fellow veteran a break).

Calculate whether you can tolerate an FHA loan with the 3.5% down payment, taking into account the federal tax credit, if eligible. If it doesn’t work today, listen for the announcement of a larger tax credit, with relaxed eligibility requirements.

[greekfire]

Hehe. Let not your heart be troubled. We are going through the exact same thing. The best word I can use to describe it is “shenanigans”. Isn’t it ironic that just a few years ago the banks were tripping over one another to over-leverage and loan money willy-nilly to anyone with a heartbeat? Fast forward to today – the banks have received their bailout funds to cover previous mistakes; yet they won’t loan it to anybody unless they fall into their Dixie-cup criteria.

There was a time when this Dixie-cup criteria was the norm, and I understand the reasoning for it. We’ve grown so accustomed to easy credit over the years that we don’t know which way is up or down.

My advice is to bear down, stay the course, and be patient. If you have an uptick in income or assets and can afford to put it down long on a property, then go for it. We could be in for another 1979-1980 style correction that brings rapid interest rate increases which will reduce home prices, rampant inflation might occur, or perhaps something in between will take place.

Stay liquid my friend.

[greekfire]

Hehe. Let not your heart be troubled. We are going through the exact same thing. The best word I can use to describe it is “shenanigans”. Isn’t it ironic that just a few years ago the banks were tripping over one another to over-leverage and loan money willy-nilly to anyone with a heartbeat? Fast forward to today – the banks have received their bailout funds to cover previous mistakes; yet they won’t loan it to anybody unless they fall into their Dixie-cup criteria.

There was a time when this Dixie-cup criteria was the norm, and I understand the reasoning for it. We’ve grown so accustomed to easy credit over the years that we don’t know which way is up or down.

My advice is to bear down, stay the course, and be patient. If you have an uptick in income or assets and can afford to put it down long on a property, then go for it. We could be in for another 1979-1980 style correction that brings rapid interest rate increases which will reduce home prices, rampant inflation might occur, or perhaps something in between will take place.

Stay liquid my friend.

[greekfire]

Hehe. Let not your heart be troubled. We are going through the exact same thing. The best word I can use to describe it is “shenanigans”. Isn’t it ironic that just a few years ago the banks were tripping over one another to over-leverage and loan money willy-nilly to anyone with a heartbeat? Fast forward to today – the banks have received their bailout funds to cover previous mistakes; yet they won’t loan it to anybody unless they fall into their Dixie-cup criteria.

There was a time when this Dixie-cup criteria was the norm, and I understand the reasoning for it. We’ve grown so accustomed to easy credit over the years that we don’t know which way is up or down.

My advice is to bear down, stay the course, and be patient. If you have an uptick in income or assets and can afford to put it down long on a property, then go for it. We could be in for another 1979-1980 style correction that brings rapid interest rate increases which will reduce home prices, rampant inflation might occur, or perhaps something in between will take place.

Stay liquid my friend.

[greekfire]

Hehe. Let not your heart be troubled. We are going through the exact same thing. The best word I can use to describe it is “shenanigans”. Isn’t it ironic that just a few years ago the banks were tripping over one another to over-leverage and loan money willy-nilly to anyone with a heartbeat? Fast forward to today – the banks have received their bailout funds to cover previous mistakes; yet they won’t loan it to anybody unless they fall into their Dixie-cup criteria.

There was a time when this Dixie-cup criteria was the norm, and I understand the reasoning for it. We’ve grown so accustomed to easy credit over the years that we don’t know which way is up or down.

My advice is to bear down, stay the course, and be patient. If you have an uptick in income or assets and can afford to put it down long on a property, then go for it. We could be in for another 1979-1980 style correction that brings rapid interest rate increases which will reduce home prices, rampant inflation might occur, or perhaps something in between will take place.

Stay liquid my friend.

[Author]

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