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Can i purchase a REO or a foreclosure with a VA loan my credit is a 750 and home is in good shape?

if so what do i need to know before i buy.
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January 28 2010 - Washington
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The answer will be on a case by case basis.  Once you have found a home, and it sounds like you have, you will need to get in contact with an buyer's agent (usually done before finding the home) to help you navigate the transaction and a mortgage person who is experienced with VA loans to help you handle the financial side.  The mortgage person will send an appraiser to do one of three things: verify that the home is in a condition that is acceptable to finance, provide you with a punch list of items that need to be addressed before approving the loan, or deny the loan based on the condition of the property.  VA loans are strict because they are not requiring any down payment.  The appraisal MUST corroborate with the agreed sale price or you will not get very far.  Keep in mind that you pay for this appraiser so make sure you have found a home you're serious about and you have an offer price that is based upon true market value (not what you think it's worth) because you do not get that money back if your lender's appraiser shoots down your contract.
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January 29 2010
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Sure as long as you qualify and the home passes the VA appraisal requirements and this is were most people run in to problems. The VA appraisal requirements are a little more strict and the selling banks know this so if the property needs any work you'll often find the listing will list conventional financing as the only acceptable option.
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January 29 2010
If you qualify for a home loan, you can purchase a foreclosure or REO. You will need to get your loan information in order and talk to a Realtor about local listings and your needs/wants. Then you can get out there and start looking. Good luck.
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January 28 2010
 
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