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What is a VA loan and how do I qualify?

The VA loan represents the clearest and most cost effective way to home ownership for the average service member. The VA loan is simply a promise.  As a way to thank those whose served our country, the government pledges to stand behind VA borrowers in the form of a financial guaranty.

The Veteran Administration (VA) Guaranteed loans are made by private lenders to eligible Veterans for the purchase or refinance of a home.

It’s important to know that the VA is not a bank. The VA does not loan the money, fund the loan, or service the loan. What the VA does is guarantee the loan by providing protection to the lender against loss if the Veteran fails to repay the loan.

To find out whether you are eligible for a VA loan, how it works and to get pre-approved, fill out the form by clicking on the link and one of our experienced VA lenders will contact you. You may also call our office at 619-248-5484.

A word about the author -Lorraine Santirosa is San Diego VApro Agent who Helps Veteran’s Achieve The American Dream. Lorraine is taking her expertise in Real Estate and VA Purchasing to serve those who serve us, our Veterans. As a VApro designated agent, Lorraine has the inside knowledge and expertise to get VA purchases closed and to help Veteran’s use the benefits they may not even know they have.

If you are looking to purchase a home in Southern California take a look at the current trends of home prices in San Diego.  During the height of the recession this market, like all, took a hit but now things have taken a turn in a rather impressive direction.

Home Prices In San Diego Over The Last 40 Years

What has helped the San Diego market rebound faster than most markets is that it had a pre-recession history of being one of the most equitable places to buy in the country.  A family that purchased a home in the 1970’s for around $25,000 can sell that same home in today’s market for a solid $300,000 dollars.  You won’t find that kind of gain in equity in most real estate markets.

Below is an example of the average single home prices in San Diego over the last 40yrs and how they are progressing over the past few years:

1970    $24,640

1980    $99,550

1990    $193,770

1994    $185,040    *This was the San Diego markets low.

2000    $241,350

2011    $286,040

2012    $319,340

2013    $479,000    *It’s early in the year this is the average to date

How To Find Your Dream Home In San Diego

As you can see from the numbers above, right now is the perfect time to buy in San Diego.  Even with the rising home prices in San Diego, homes are selling almost as quickly as they hit the market.  To ensure your new home is a solid financial investment, to find the latest available homes, and to have an advocate in this competitive market you need an honest realtor.

Call our offices today 619-248-5484 and we’ll get you one step closer to the home you’ve always dreamed of!

Lorraine Santirosa is a San Diego real estate agent that helps savvy home buyers and sellers with their housing needs.

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• Your house may not be priced properly.
• Your house may sit on the market longer than it should.
• If you’re buying, you may end up paying more than you should.
• A complicated transaction, such as a short sale, may have details that are allowed to fall through the cracks.

Avoid these potential problems by hiring an experienced San Diego real estate
agent. When selling your home, your first concern is getting the most
money for the home. An agent familiar with the area is much better able
to determine market value than one from outside the area.

A San Diego agent with proven marketing capabilities will get your house in
front of more buyers than an agent who hasn’t a clue about marketing. If
you own a specialized home, such as a luxury home or beachfront
property, or you are performing a short sale, you need an agent
experienced in these types of sales.

When purchasing a home, you need a savvy negotiator in your corner –
a San Diego agent who can go to bat for you and get you the best possible price
on the home.

Lorraine Santirosa is San Diego Realtor also certified as a VApro and as a USA CARES military home specialist. To receive a FREE home value report or FREE home buyer consultation call 619-248-5484

The report comes after the banks were ordered by regulators to review a fraction of their files and identify homeowners that were wrongfully foreclosed on. Previously, the banks had acknowledged that they relied on faulty documents to push through foreclosures but claimed homeowners were not foreclosed on by mistake including members of the military.

Yet, complaints by military personnel that their homes were wrongfully foreclosed on while on deployment to Afghanistan or Iraq caused a congressional investigation in 2011. High profile cases like that of Sgt. James B. Hurley raised awareness about such foreclosures as the disabled veteran had his home sold two months before his return from Iraq.

In light of this information, all the big banks made public comments about the changes and support they are currently providing to the nations service men and women. However, the idea that so many were found to be wrongfully foreclosed on, based only on a small review of the total files and that no information identifying any of the victims will be released, has to be troubling. We may never know whether any military members from San Diego were impacted unless the individuals are willing to come forward.

For current San Diego military members looking to short sale their homes in lieu of foreclosure, the banks appear to now be going in the extreme opposite direction in making sure the Servicemembers Civil Relief Act (SCRA) is not violated.  The service member’s file gets bogged down in bureaucratic red tape and ends up being a very frustrating experience in the short sale process.  Clearly, more needs to be done to look into the wrongful foreclosures that have taken place so that the process can better meet the needs of our men and women who have served our country.

Lorraine Santirosa is a passionate advocate for veterans whether active duty, separated or retired from service. For information or help on short sale or facing foreclosure call Lorraine at 619-248-5484 or visit http://www.sandiegomilitaryrelocationexpert.com

Lorraine is also certified as a VApro and as a USA CARES military home specialist.

BECOME A MARKET INSIDER

Get data that is consolidated from multiple sources and includes
current listings, recent sales, and more. Understand the difference between “listing prices” (what sellers
are asking for) and “sold prices” (what buyers are willing to pay).

By comparing these price trends, you’ll have a good idea of where the
market is heading. The median listing and sold property prices are
calculated based on the market activity each month.
Whether you’re a buyer or
seller, the knowledge you gain will help put you in control of your real
estate transactions.

The
most popular housing communities in Chula Vista, CA are Eastlake and
Otay Ranch. These are “A” listed communities with amazing homes. Both Communities have pools,  tot-lots, play areas, 
trails and basketball courts. There is also an outdoor shopping mall
nearby. Chula Vista is an ideal place to live, whether you are single or
you have family.

Contact the real estate agent if you
are going to sell your house and want to know “what’s my house worth”
even if you are serving in the military and need to transfer on PCS
orders. Are you upside down? No problem, our office has experience with
all types of San Diego short sales including military owned distressed
properties.

Lorraine Santirosa is a San Diego realtor
that helps military families buy or sell their homes. Lorraine is a
strong advocate of military families and has extensive experience
working with first time VA home buyers and sellers. As a result, Lorraine is fondly
known as the “VA Queen” 

If you are a military home buyer who is pursuing a settlement near the San Diego Naval Base, then you should work with an experienced military Realtor who has worked with multiple veterans and serviceman.

Search homes for sale near San Diego Naval Base

The close proximity of the home listings will make the distance more convenient and provide for a comfortable living environment. In addition, you will be surrounded by a higher density of military veterans who understand your lifestyle and could lead to new connections.

Homes may also be financed with a VA home loan. If a home is financed with this particular type of loan then it cannot be sold as a private sale when there is a lack of equity to pay off the loan. However, a short sale or compromised claim is allowed. Some important facts to keep in mind about a compromised claim or short sale. The sale price must be approximately the same as the current market value of the property and the VA borrower cannot directly benefit from the proceeds of the sale. If proceeds from the sale along with the loan payment cannot pay off the entire debt, then the lender must waive a portion of the loan and absorb losses.

Much of this may be overwhelming for a first time buyer. Ease the complications and work with an experience military realtor who has helped many other veterans finding the right home near the San Diego Naval Base.

Lorraine
Santirosa is a San Diego realtor that helps military families buy or
sell their homes. Lorraine is a strong advocate of military families and
has extensive experience working with first time VA home buyers. As a
result, Lorraine is fondly known as the “VA Queen”. Call 619-248-5484 or visit Http://www.sandiegomilitaryrelocationexpert.com

The value of the property is determined by many factors. Houses that are stationed closer to movie theaters, restaurants, libraries, schools are going to have higher property value. Also crime risk can affect the price of your home. If it is low crime area, houses will be more expensive than in high risk crime area. So, when you ask “What’s my house worth” you should first think about the surrounding factors that are going to affect the price of your house.

Chula Vista is the second largest city in San Diego metropolitan area with a lot of good schools. That is one of the biggest reasons why people want to come and live in Chula Vista, CA. Another reason is that Chula Vista is close to military bases and therefore, you will run into military home sellers as well.

People from the military usually live in the neighborhoods where mostly other military people live. Military
home sellers are usually persons who work for the military and need to sell their home because they are going to have to transfer to other military base. And for that same reason, military transfer are also people looking to buy instead of living in military housing.

If you are still wondering “What’s my house worth” you should check with an experienced realtor. The estimated average value of homes in Chula Vista at the end of 2012 was about $ 323,900, but it is, once again, average price. A house that has 1500sqft is average priced at approximately S250, 000. But you should consider the neighborhood and other factors that will affect the price of your home.

Are you upside down? Need to sell due to a military move on PCS orders? No problem, our office has experience with all types of San Diego short sales including military owned distressed properties.

Lorraine Santirosa is a San Diego realtor that helps military families buy or sell their homes. Lorraine is a strong advocate of military families and has extensive experience working with first time VA home buyers. As a result, Lorraine is fondly known as the “VA Queen”. Call 619-248-5484 or visit Http://www.sandiegomilitaryrelocationexpert.com

This applies to the entire complex, not just a single unit. There are no longer VA spot approvals given.

I get asked all the time from Veterans why does the VA make this a requirement when it can restrict the number of condos available for purchase using the VA loan benefit? The answer is simple. The approval is more about ensuring long term stability and that the legal righs of the homeowner is protected.  The approval process focuses on the condominium’s CC&Rs, Bylaws and budgets not the appraisal standards or building codes.

The VA wants to ensure the Veteran is set up for long term success so the VA looks for projects that have the organizational structure, rules and budgets in place to achieve this. Back in the 70′s and 80′s there were even issues of condos not being completed.

How to determine if a condo in San Diego is VA approved?

The only place to search the list of all VA approved condos in San Diego is to visit the online site for the Department of Veteran’s Affairs.  You don’t need a password or special access. All lenders, real estate agents, and Veterans search this VA database. It currently is:

https://vip.vba.va.gov/portal/VBAH/VBAHome/condopudsearch

For best results, work with a professional

Looking up the approval for a condominium can be tricky and not as straightforward as it looks. A trained professional with experience can do a thorough search and save you lots of time. You don’t want to spend time house hunting, fall in love with a property only to find out later that it’s not VA approved.

Lorraine Santirosa is a real estate agent in San Diego that helps military families with their home buying needs. No other agent advocates more strongly on behalf of military families. Lorraine is fondly known as the “VA Queen”. Call 619-248-5484 for a free first time home buyer consultation or visit Https://www/sandiegomilitaryrelocationexpert.com

A real estate agent can assist the VA borrower with the listing, marketing and short sale process. Key points to note about a compromised claim or short sale are:

• The sale price must be close to the current market value of the property
• The VA borrower cannot benefit from the proceeds of the sale

If the proceeds from the sale along with the loan guaranty payment cannot pay off the entire debt, the lender will have to waive a portion of the loan and absorb that loss.

Do you know anyone that is Thinking of Selling and mayneed to do a short sale or compromised claim?  Contact us for a FREE market evaluation and consultation.

Additional time to Arrange a private sale -  If more time is required to complete a sale to delay a foreclosure the VA may in rare cases intervene and ask for more time. The VA will only intervene if there is equity in the house and the borrower provides a copy of the purchase agreement contract or signed listing contract.

Additional articles you may find useful:

Short Sale and San Diego Active Duty Military

Divore, Retirement, Bankruptcy and Relocation affecting San Diego Military

Short Sale Relief For San Diego Military Homeowners

Call Lorraine Santirosa at 619-248-5484. San Diego military short sale expert.

With the sluggish real estate market of the last few years, seller financing has been dramatically increasing in popularity, but is it a smart move for you?

If you just can’t bear to let your home go for a fraction of what you paid for it, or you really need to sell quickly, then it may be a great option for you. Offering to carry the contract makes it easier for interested buyers who simply can’t get a home loan in today’s tough lending environment. Owner financing could help you avoid the nasty consequences of a foreclosure or allow you to trade up and take advantage of a great deal on a better home while prices are low, without juggling two mortgage payments.

Offering any form of seller financing can instantly make your home more attractive and stand out in the sea of properties on the market. It can also allow you to set a far higher price than you could get if you sold it to a cash buyer today. Just make sure you are aware of all your options and how badly it could turn out if things go wrong.

How do I Sell My House and Carry the Contract Safely?

Be extremely wary of signing any document that shady guy with the beat up truck and “We Buy Houses for Cash” magnet sign tries to shove in front of you.

Know Someone Who Badly Needs to Sell His Home?

Finally, whether or not this is a good move for you, if you have any friends or family members wondering if they shouldsell their house and carry the contract, suggest that they take the time to vet any potential buyers carefully before entering into a contract, and of course seek the advice of an attorney.

Thinking of SELLING your San Diego home? Click here for a free evaluation

Call Lorraine Santirosa at 619-248-5484 or http:www.militaryshortsaleteam.com