VA-Owned Foreclosures are Available to Military and Non-Military Alike
The U.S. Department of Veterans Affairs (VA) guarantees home loans for eligible American veterans and their surviving spouses. The main mission of the VA loans program is to help veterans or their spouses buy homes with no money down. These loans have very lenient requirements and favorable terms.
The harsh reality is that veterans are just as likely as any American to experience financial ups and downs - perhaps even more likely. Therefore VA loans bring a certain amount of VA foreclosures into the housing market. Additionally, market volatility affects tens of thousands of veterans, increasing the amount of loan defaults. Government foreclosure homes managed by Veteran's Affairs are referred to as VA foreclosures.
Thousands of cheap homes for sale
The VA does not make repairs on these foreclosed homes. Instead, the buyer is asked to sign a paper attesting that they are buying the home “as-is”. However, these government foreclosure homes can sell for as low as 50% of comparable market price. This, and the added potential benefit of no closing costs, can empower qualified homebuyers to develop instant equity at the sale.
Our database has hundreds of thousands of foreclosure listings and cheap homes for sale all over the nation, including VA foreclosures.
Buying VA foreclosed homes
Anyone can buy VA foreclosed homes and enjoy saving up to 50% off comparable home prices. Veterans can enjoy additional benefits when financing the home purchase through the VA.
One of the many advantages of buying VA foreclosures is that the VA covers the closing costs for qualified buyers. Also, similar to sales of certain Freddie Mac foreclosures, PMI (private mortgage insurance) is not required for veterans buying VA foreclosures. This can represent a savings of several hundred dollars a month to the average buyer.
VA foreclosures buying process
The process of buying VA foreclosures is straightforward and very similar to that of buying a regular MLS-listed home.
More importantly, to encourage sales, the VA may finance some of the properties through a financial discount program. Historically, a popular VA sponsored program, which is available only from time to time, is called VA Vendee Financing. This program offers low interest rates and little or no down payment required.
A VA foreclosure buyer does not have to be a veteran to qualify for this program. When exploring one of the VA foreclosures on HUDforeclosed.com, be sure to check the listing details for any available financing specials, and ask the posted agent contact about VA Vendee Financing as well.
Click here to find VA foreclosures in your area.