First Time Home Buyer Using VA

[Ramon Gamez Jr]

Hello All,

I'm looking to use my VA loan for my first purchase here in San Diego. I currently have been preapproved but am having a hard time finding homes (condos,townhomes etc) that are VA approved and I'm also having a hard time finding a 2 bedroom home as well. Location is important for me.

Now I know the 2 bedroom is ideal. But with the amount I’ve been preapproved for it looks like a 1 bedroom or a studio is more ideal budget wise.

My question is, should I not settle for a 1 bedroom or a studio style condo or keep hunting and search for that 2 bedroom?

Thanks in advance for everyone’s help, I’m open to hearing all options and advice

[Daniel Lehman]

Hey Ramon, 

Congrats man. I bought my first place in San Diego in 2004 - took a huge dive, but held on for dear life, and now we have a VA loan on our Carlsbad home that we purchased for 960, and is probably worth around 1.5MM.

Have you looked at house hacking? Buying a condo you have HOA, condo approval requirements, etc. BUT - if you buy a duplex, triplex, or fourplex, you can live in one, rent out the others AND use that income to qualify. Could be really great for you? No HOA, no condo approval, etc.

I am a lender in Carlsbad, I'm a Marine Veteran, and my whole staff is military spouses/veterans. We specialize in VA if you want to reach out and talk through it. We can work your numbers, OR I also have resources to get condos VA approved. It takes time and money, so it's not ideal, but those are two options. I personally would go the house hacking route. VA has no loan limits now, so you can go up to whatever purchase price you qualify for, and there is no loan limit cap.

Let me know how I can help out! 

Daniel