Downtown San Diego Condos: VA Loans Are Available

Sunny San Diego is a place that many people dream of moving to, and for many veterans with bases such as a number of San Diego Naval Bases located within city limits and Camp Pendleton within close proximity, the city couldn't be in a better location. However, due to the sunny and mild weather and beach location, real estate in San Diego hasn't always been affordable for most veterans – especially in the downtown area.

Prior to the burst of the real estate bubble, veterans interested in purchasing a property in downtown San Diego were usually out of luck. Many  properties were not VA approved, and military members were forced to step outside of the downtown area in order to find an affordable home. However, in the last few years, the number of VA approved properties in the San Diego high-rise condo market has increased dramatically – providing military members with a lending option that is much more accessible and cost-effective than conventional programs, and even FHA lending. 

Why Choose A VA Home Loan?

While the FHA home loan is also partially backed by the government, the guarantee offered by the VA for the VA home loan is greater allowing interested borrowers to benefits from money saving perks not found with either conventional lending or FHA loans. Such benefits include:

•  No down payment
•  High loan limits
•  No need for private mortgage insurance

Click to read more ...

Downtown San Diego Condos: 26%+ Reduction in VA limits

Sharyn Crown of Crown & Crown writes...

The new 2010 VA loan limits for San Diego reflect our market and unfortunately will price some VA buyers out of the marketplace.  The 2009 VA loan limits in San Diego are currently $593,750.  Per the VA, 2010 loan limits for San Diego will be $437,500.  That is a -$156,250 reduction or approximately a 26%+ decrease in loan limits.  That is amazing to me because that is like the ax has been lowered.

There are several downtown San Diego condo complexes that are VA approved and it will be interesting to see if the pricing matches the loan limits. 

Click the Department of Veterans Affairs logo to view the 2010 VA loan limits

Lending today is like riding a roller coaster.  Each day is different.  That is why it is so important to use a reputable and experienced lender.  We have several lenders we use and if you would ever like to ask some questions, with no obligation, just give us a call or send us an email.  We will make sure any and all of your financing questions are answered.  If we don't know the answer, we will find it out for you.

If you would like to view the 2010 VA loan limits for high-cost counties, just click our VA loan limits.

This is a series of articles written by Sharyn and Victoria Crown, Downtown San Diego realtors and brokers. 

Downtown San Diego Condos: Who Would Want Ramona?

Sharyn Crown of Crown & Crown writes...

Who would want to live in Ramona? That is the question, especially if you live in Downtown San Diego.  Ramona and Downtown San Diego are 60 minutes apart, but lifestyle opposites.  For the most part, downtown San Diego residents are either younger, second-home owners, or retirees.  There are some families living downtown but it is not the place with a lot of yards and open spaces.  Granted there are parks where children can play, but it's not so much the "family-style" neighborhood many young parents are looking for when their children begin to arrive.

That leads us to Ramona.  Ramona is still somewhat rural with one main road running thru town.  If you want Ramona you probably want open spaces.  One of our current property listings is located in Ramona. 

This is what Ramona is about...open spaces with room to roam.

 This particular home has just had a significant price reduction of $50,000 or more.  The "or more" means we are now priced in a range of pricing, so the opportunity for a bargain is here.

The owners of this particular Ramona house are meticulous. They take care of their home like very few people do and the condition shows this focus on quality care.

These particular sellers are moving north to be with their children and are motivated to sell their home.  The best part about this property is that it is not a foreclosure or resale.  Although buying a distressed property causes people to think they are getting a "deal", sometimes the "deal" is on them.  Short sales and foreclosures have no promise of repairs if anything is needed.  Banks do not have to disclose anything.  Distressed sellers don't have any money to fix anything.  It's like the old saying "Buying a pig in a poke."  You have no clue that you are buying the money pit.

Ramona has some of the most diverse real estate in San Diego County. You can live in an old home or enjoy the most modern of homes.

Purchasing from a seller like our seller is a much better choice because you have owners who are not distressed and know their home.  These sellers are so meticulous that they have lists of anything you might want to know about the house.

We are priced $499,000-$549,000 and the sellers will work with VA or FHA buyers.  In life you always pay the piper, one way or another, or as another saying states, you get what you pay for.  If you want to pay nothing, you get nothing.  If you pay for quality, you get a home like this.

Call us at 619-977-3174 for more details, or take a look at our "Featured Listings" on this website.  Either way we would love to enhance your knowledge about this quality home.

This is a series of articles by Sharyn & Victoria Crown, downtown San Diego Realtors. 

New Condos Downtown San Diego: May 2009 Sales Statistics

Click here to review the May 2009 Downtown Sales Statistics  In spite of what you are hearing, there are sales in Downtown San Diego.  In fact, we may have reached the bottom of the marketplace.  Several buildings have become VA and/or FHA approved.  These approvals open the marketplace to a lot of qualified buyers.

New Condos Downtown San Diego - Where's the Mortgage?

It's better To Shop for the Mortgage Before You Need It!

If you need a mortgage to purchase a condo in downtown San Diego, or anywhere else, for that matter, shop for it first. The current economy has made many people nervous about getting a loan. It makes sellers nervous about the buyer buying their home getting a loan. It makes the banks owning foreclosure units very picky about who they sell a unit to in regards to financing.

There are a lot of mortgages. The days of the 100% financing are pretty much over. I hate to say you will never get a 100% mortgage, but other than VA loans, I have not seen azero down loan in a long time. Thesezero down loans were the birth place of the subprime mortgages, and we all know how that has impacted the housing market. Downtown San Diego has it's share of these subprime mortgages.

Your realtor should have some good lenders to recommend. It is crucial to have a strong lender who is going to be in business next week, next month, and maybe even next year. We have a couple of tried and true lenders. Two of the lenders we recommend are direct lenders. That means they approve and fund their own loans. The one mortgage broker we suggest has been in the business for many years and I went thru the last bad market with him. Honesty is important to me. We try to work with lenders who tell us what they can and cannot do, and who fund the loan when they say they will fund the loan.

Lending has become more intrusive over this last year. It's like going to the doctor for a physical, except this isa financial physical. The lender will ask you so many annoying questions you will want to swat him or her. They remind me of mosquitos. One more question, one more verification, one more piece of paper showing where the money came from or where the money went.

Due to all the crackdowns in the lending market, you will end up answering all these questions no matter where you go. The government has put a lot of pressure on lenders to track money. It is annoying, but if you want a mortgage, you play the game.

Two forms of low down or no down loans are VA or FHA loans. VA loans require a veteran at the end of the loan. You can be married to a veteran, or you can be the veteran. FHA loans are for everyone if you qualify.

Just make sure you go though the preapproval. We have seen buyers make the mistake of learning what they qualify for, but not getting pre-approved in writing. It's like the guy who says he loves you. It's easy to say, but the true love steps up to the plate and provides the marriage certificate. (That's the old-fashioned side of me). If it isn't a written commitment, it's a lot of hot air.

By Sharyn & Victoria Crown, Downtown San Diego real estate agents

This is part of a series of articles entitled, New Condos, Downtown San Diego Style