Buying a Foreclosed Home with a VA Loan

Debbie Warford
Debbie Warford
Published on November 14, 2019

Since the customer was incapable of paying the home mortgage, foreclosed homes are residences that have actually been repossessed or seized by loan providers. 

Repossessed homes could commonly be listed with a 10 percent off of the evaluation worth. The financial institutions are ready to sell these houses at really eye-catching costs.

The question that is asked by veterans in the North Texas Area is, “Can I use my VA Loan to buy a foreclosed home?” Yes, you can!  However, you can only buy a home with VA Financing if you are going to live in the home as your primary residence.

The bank that owns foreclosure homes is more than happy to look at Veterans Offers and once the Veterans offer gets accepted, they will be more than happy to work with the Veterans lender to get the Veterans loan closed at a local Title Company and the Veteran the keys in hand.

VA Financing

A VA loan is a mortgage that is made by private lenders but partially backed by the Department of Veterans Affairs. There are no limits on how much you can borrow, but there are limits on how much the VA will guarantee.

One of the benefits of VA loans, also known as Veterans Affairs mortgages, is that they consistently offer lower rates than traditional bank financing, according to Ellie Mae.

Once again eligible borrowers may only use VA loans for their primary residence. 

The main draw of a VA mortgage is that the VA Administration makes it easy to get financing by offering no-down-payment loans and more lenient credit and income requirements than conventional mortgages. Once you have your certificate of eligibility or COE, you can apply for a VA home loan.

Veterans if you are looking for a main home  You will certainly see repossessed residences as simply one of the choices you have for discovering the finest bargain on your desired house. 

You may like to view and read my article Ways to Buy a home.

Written By Real Estate Broker/Owner & Author Debbie Warford.  Read & View More Videos Here

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