The number of San Diego military families who used their Veterans Affairs benefits to buy a home in the past year has nearly tripled to 3,700. Still, many active and retired military families say they have been unable to take advantage of the program due to some rules — including that homes be in move-in condition — and they are losing out on affordable, foreclosed properties to investors and all-cash buyers who can offer more equity and close on escrow in days. The VA is working with the National Association of Realtors, big banks, and local agents to clarify its rules; but VA officials, bankers, and brokers say new regulations are needed to give special preference to veterans.
From “VA Home Loans See Surge in Demand” San Diego Union-Tribune (09/29/09) Showley, Roger
