VA buyers face tough competition

Flickr photo by popofatticus.

Q: I'm a first-time homebuyer using a Veterans Affairs (VA) loan with 100 percent financing. I'm having problems getting an offer accepted, as I'm competing with cash investors as well as other first-time buyers. Every property we find gets three to four offers on it by the day after it's listed.

A: With prices so low, and the $8,000 first-time homebuyer tax credit deadline looming later this year, buyer competition has increased to the point where many homebuyers (first-time and otherwise) are running into multiple offers, over-asking sale prices and getting outbid on their target homes.

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