You can find great deals on VA foreclosed homes near you so it is worth looking into. And you do not have to be a veteran.
As we know, foreclosure is a problem facing many couples around the country and it is not a problem that is going away. For people who have been waiting for the right time to buy their first home, the foreclosure market is a great place to look.
VA foreclosed homes are homes that were bought by veterans and guaranteed by the Department of Veterans Affairs (VA) but the veterans were unable to keep up with their payments.
Veterans are eligible for VA loans through Veterans Affairs. When they buy a house with a VA loan, it is financed by a bank like a traditional loan but guaranteed by the VA. That means the VA assumes responsibility should the veteran be unable to make his mortgage payments.
VA foreclosed homes are owned by Veteran Affairs
Before a VA home is foreclosed on, there are usually attempts by the VA to help the veteran get his finances in order and to provide financial assistance to try to avoid a foreclosure process. This doesn’t always work, though.
When a home bought with a VA loan is foreclosed on, Veterans Affairs takes possession of the home. VA foreclosed homes are not for sale by the bank who carried the mortgage; they are sold by the VA.
Many states make available to the public a list of VA foreclosed homes throughout the state that are for sale. You can find this information online or in your local newspapers in most places. The best place to look for a VA home foreclosure to see the most available homes is online. You can find VA foreclosure homes all throughout the country.
What is VA Vendee Financing?
The VA wants to get rid of these homes so they are willing to help with the financing of VA foreclosed homes in many cases. It is important to note that VA foreclosure homes are sold as-is so whoever buys them will be responsible for any and all repairs that are needed.
There will be no money or no concessions from the VA for repairs that the homes need. Even with the repairs these homes may need, VA foreclosed homes are usually a great deal and well worth the money. You can end up with instant equity buying a VA home foreclosure.
The VA offers what is called Vendee Financing, which is a program that helps anyone buying a VA foreclosure home with financing. This is available to anyone buying VA foreclosure homes regardless if they have served in the military or not.
As long as you are eligible by the VA standards, you can get assistance from the VA Vendee Financing program. This program can help you lower your interest rate on the home you purchase and lower fees associated with the purchase as well. You can find out about VA foreclosed homes from your local Veterans Administration office or the Department of Veterans Affairs.