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Can You Use a VA Loan to Buy a Home in Foreclosure?

You Can use a VA Loan to Buy a Home

There seems to be a rumor flying around that you can't use a VA loan to buy a foreclosure property.  THIS IS NOT TRUE!  Buyers all over Northern Virginia are successfully closing on a foreclosure property using their VA loans.  It is funny how rumor becomes fact by just one person saying they didn't get the house they wanted because the VA required repairs.

If you want to by a property that falls into the "wreck" category then you might be better off with an FHA 203 (k) loan so you can get the money you need for repairs in your loan but you can use a VA loan for a foreclosure which is decent condition.  The biggest issue my buyers have come up against is that VA does require that the electricity be turned on and I always make sure that the home has the water on as well. 

VA provides one of the few 100% financing programs currently available in a declining market area.  Even though the conventional VA loan limits are still set at $417,000 in today's Northern Virginia market that limit goes much farther than it did in the past.  VA does provide jumbo loans for eligible active duty and retired personnel who may be looking for something just a bit bigger.

Not sure whether you are eligible for a VA loan? 

VA Loan Eligibility Requirements

Need to request your VA Certificate of Eligibility?

VA Form 26-1880

 

 

Need assistance finding your new home?  You can start your search for a new home near The Pentagon, Fort Belvoir or Quantico online to get a feel for some of the local communities.  Once you narrow down your search you need an agent who is knows the area and understands military moves then give me a call.  I've walked in your shoes from the Far East to Europe and know what it is like to make a military move. I work with lenders who understand today's Northern Virginia market and are successful in getting VA loans to closing.   

Foreclosure properties purchased in May by my clients using VA loans:

Foreclosure Property in PW County

 

Prince William County Foreclosure

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Cindy Jones

As an Associate Broker with RE/MAX Allegiance in Northern Virginia and native of the area I can assist you whether you are buying, selling or renting a home anywhere in Northern Virginia. For more information about the area or my services you can check VaRealEstateTalk or my Northern Virginia website.

Search all homes available in the Northern Virginia area.

 

                                   Real People*Real Lives*Real Estate

If you are interested in learning more about the Northern Virginia Real Estate market including Alexandria, Arlington, Fairfax and Prince William Counties give Cindy Jones and Integrity Real Estate Group a call at 703-346-2213.

Military Relocation Specialist serving military families relocating to and from the Pentagon, Fort Belvoir, Quantico MCB and all of the Military District of Washington installations. 

Military Relocation Professional


Check out www.varealestatetalk.com and www.cjrealtygroup.com for more information.

Integrity Real Estate Group
 
Real People*Real Life*Real Estate

Licensed in the Commonwealth of Virginia



 

 

Comment balloon 4 commentsCindy Jones • May 30 2008 08:56PM

Comments

Thanks for the update!!!

Posted by Susan Hilton, Texas Aggie Real Estate, College Station Bryan Texas Real Estate (CENTURY 21 Beal, Inc.) about 10 years ago

it all determines on the condition of the home and any repairs needed

Posted by Andrew Monaghan, CRS, GRI, EPro Associate Broker (Your Phoenix Home Source) about 10 years ago

especially important if there are termite issues.......we did close a short sale with VA financing...buyer paid termite repairs before closing......

Posted by Dawn Harmon, San Diego Realtor, Broker/Owner (Pacific Homes & Estates) about 10 years ago

what does VA underwriting mainly look at from the appraisal?

Posted by Nick Good, www.TheGoodHomeTeam.com (The Good Home Team with Keller Williams Realty) over 7 years ago

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