- May 18, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Introduction
Hello everyone,
I am currently stationed in San Diego as a single E6 in the military. I am interested in purchasing a house or condo using a VA Loan from Navy Fed. I am seeking advice on what I can afford, your experiences with the process, preferred locations, and any other insights you may have.
## Seeking Advice for Buying a Home
As a single E6 stationed in San Diego, I am ready to take the next step in my housing journey by purchasing a property with the help of a VA Loan from Navy Fed. I am looking for guidance on the homebuying process, including determining what I can afford, exploring different neighborhoods, and hearing about others’ experiences in similar situations.
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If you’re planning on staying in, target a condo in an up and coming area. Watch out for boutique/bougie cafes and restaurants, infrastructure, etc.
I would not go for a single family home, the ones in your price range will be pretty remote and those areas aren’t going to benefit from capital appreciation as much.
If you play your cards right you can sell the place when you PCS, or after renting for a bit, for an absolute fortune. Good luck with the search.
Definitely shop around! NFCU is great*, but last I checked, they didn’t have anywhere near the lowest VA loan rates (they never have over the last few years of me checking). The home loan rates they post are **after** you buy points down. Most other lenders post their rates before any point deductions. You should also call lenders. Some lenders (looking at you PennyMac) will give you a lower rate than what is posted on their site (sounds weird, but some definitely do this). The smaller, local lenders may also be able to give you a better APY than the big companies. Some lenders don’t post their VA home loan rates on their websites (maybe some don’t even have a website) so be sure to make a bunch of phone calls.
*NFCU’s auto loan rates are far more competitive vs the competition.
Here is some information if you want to see which lenders handle the most loan volume:
[https://www.benefits.va.gov/HOMELOANS/Lender_Statistics.asp](https://www.benefits.va.gov/HOMELOANS/Lender_Statistics.asp)
Don’t over extend yourself. Many lenders will offer you much more house than you should take. Factor in the total PITI payment and plan for repairs and things that WILL go wrong (even if you were to buy a brand new house). The first house I bought I was trying to stay around $200K (pre COVID in Texas) and one lender offered me a $650K loan! What?!?! Every lender was willing to give me significantly more than $200K.
Since San Diego is so expensive, you could also consider a duplex, triplex, or a quadplex so you can rent out the other unit(s).
One of these days the federal reserve will cut rates. If you are buying soon, you may be able to refinance in a few years to lower your monthly payment. Don’t bank on that though, we could be higher for longer…
I’m envious of you. San Diego is my favorite city in the U.S.! Enjoy!
You’re in a competitive market. Sellers favor offers backed by reliable local lenders. The interest rate doesn’t matter if you can’t get under contract, so you might want to consider other factors in the lender you choose, like their local reputation, availability (Navy Fed loan employees work call center shifts; good luck reaching them at 9pm on a Sunday night when you need to get a pre-approval update to make an offer), communication, and experience. Remember, if/when rates go down in the future, you can refinance. Using a low-rep lender to refinance is no big deal. When you have a contract with deadlines and a seller who you need to convince to take YOUR offer above the others (especially since it’s a VA loan tied to your offer), you want a solid local lender.
Find a local lender.
Your lender will tell you what you can afford.
Find a local lender! And find a kick ass realtor. Happy to recommend someone if needed, but definitely ask around, im sure you’ll be stationed a with a few people that purchased there 🔥