First Time Home Buyers Should Look Into San Diego Va Loans

The United States Government has increased their limits for 100% financing of the veteran affairs home loans in San Diego County, the limit has been set at $537,500 for 2011 that is an increase of 100,000 since last year in 2010. VA loans are a fully amortized 30 year fixed rate with a 100% financing option available for most types of residential properties; condos, single family homes, PUDs, and manufactured homes. There is also the added benefit that the VA loan offers below market interest rates for buyers who qualify.

The median sales price for homes in San Diego CA for Feb 11 to Apr 11 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 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 the closing costs usually 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 (up to $6,000) into the loan amount.

San Diego, Ca is one of the Country's top States for trying to get their military personnel qualified using the VA (Veteran Affairs) home loan financing option. 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.

There are many opportunities for military members and their families in the San Diego area who are interested in purchasing a home. Beautiful weather, sunny beaches, and now, affordable homes too.