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Answers (5)
- Wayne Brown, "SDMortgagefinder"
- Contributions:1433
Yes, but can be very difficult depending upon the Bank.
Good Luck.
Good Luck.
- Alex Cortez, "MauiRealEstateSearch"
- Contributions:114
Veteran, yes, it is possible to use a VA loan on a foreclosure/REO. However, as stated below, banks are wary to sell to a VA-loan applicant as there are many stipulations that need to be met.
- wetdawgs
- Contributions:26800
Yes, it is possible but tends to be quite difficult because VA purchases have a number of restrictions that are not accommodated by banks selling foreclosures. IN addition, they prefer cash purchases and any sort of lending puts you in a 2nd tier.
- Craig Lawler, "Craig Lawler"
- Contributions:238
Yes, it sure is. I sold a bank owned home (foreclosure) to one of my VA buyers recently. However, do keep in mind many selling banks do not want to sell to VA buyers because there are additional lender restrictions and requirements that seller's must adhere to on a VA loan, and many banks prefer not to deal with these (they much prefer cash and conventional loan buyers).
- Nic Netherton, "Colorado Lender"
- Contributions:7219
Yes
Can I use my VA Benefits to buy a foreclosure home?
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