VA Foreclosure properties are a great way to purchase a home at a bargain price. Regardless of what state you live in, you'll be able to find a listing of VA foreclosure properties. The Department of Veterans Affairs (VA) also has a listing of any VA foreclosure properties they have for sale.
A VA loan is a loan obtained by a Veteran for the purchase of a home. Although they get the loan from a bank or lending institution, the VA guarantees it. VA loans are only for Veterans. If for some reason the Veteran cannot make the payments, the VA will try to help them with the payments and financial arrangements. If they still cannot keep up with the payments, it is foreclosed and goes on the list of other VA foreclosure properties.
Buying a VA-owned property is an option many people are choosing. They have the opportunity to get a home for a lesser price than if they purchased it elsewhere. If you're considering this option, you may be able to use the services of Vendee Financing. Unlike VA loans, which are just for Veterans, Vendee Financing will help non-Veterans and Veterans. Not only will the home be at a lesser price, but you'll also have many other savings including:
• No or low down payment
• No flood certification fee
• No Tax service fee
• No mortgage insurance
• No appraisal fee
The VA and Vendee Financing can give you a listing of VA Foreclosure properties. You can also search online for a list of VA foreclosure properties that are available in your area. These homes are sold on an as-is basis and the VA will make no repairs on them. If you make a bid that is unacceptable to the VA, they may counter offer in an attempt to sell the property.
If you're considering purchasing one of these VA foreclosure properties through Vendee financing, you will need certain documentation like two years of income and employment verification, proof of closing funds, VA form 26-6705b, application fee and sale and purchase contract. When you purchase VA foreclosure properties through Vendee Finance, you'll also get a very good interest rate. Although interest rates may fluctuate, their interest rates are generally lower than banks. The lending terms are very liberal as well. Their goal is to help individuals to purchase a home while selling the VA foreclosure properties at the same time. If this is something that interests you, contact them today. They can give you a full listing of all the available properties.
VA foreclosure listings are a smart place to look for homes in Virginia for reasonable prices. The rate of homes being foreclosed is at an all time high today. This has been attributed to the sometimes-shaky economy, the high cost of living, high interest rates and the high cost of homes. Although many of these factors fluctuate, they've been too insecure to allow many individuals to plunge into debt purchasing a home. Virginia, in itself, has a very high cost of living with homes being very expensive, so the number of VA foreclosure listings continues to increase every day.
Many sites online will give you free VA foreclosure listings. Many of these are available for all the states, however, if you are interested only in VA foreclosure listings, these are available as well. There are many REO (Real Estate Owned) homes for sale in these listings. You'll be amazed at the many different styles and sizes available in these listings. Mostly, you're going to be surprised at the high number of homes that are in foreclosure in Virginia. Young couples hoping to make their home in Virginia are finding it very difficult to find affordable homes there to purchase. This is a major reason why the VA foreclosure listings are so full of homes. Couples may find it possible to purchase the home, but aren't able to continue to make the large payments necessary to fulfill the mortgage agreements on these expensive homes.
When the process of home foreclosure begins, the homeowner is sent a Notice of Intent, informing them of a court date to be within thirty days of the date of letter. At the court, there will be a date set for the auction of the house. The bank will publicize the auction date in local newspapers so the public is aware of the foreclosure sale. The Virginia newspapers are another place to look for VA foreclosure listings. Keep in mind, however, that these listings will be taking place within the next thirty days. Therefore, if you're interested in purchasing any of these homes, you need to speak with an attorney or lending institutions about all the details this will involve.
You local real estate agency will also have VA foreclosure listings as well. Lenders will often list homes with real estate agencies if they choose to sell the home rather than put it at public auction. As you can see, if you're interested in purchasing a foreclosed home in Virginia at a reduced cost, there are places you can find VA foreclosure listings.
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