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can you by a foreclosure with a v a loan

  • September 19 2013 - Chino Valley
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Answers (10)

Yes, you can buy a foreclosure with a VA loan, site built home, if it is a manufactured home it will need a stem wall, tie downs, or a retro-fit.
Call me for any additional information.
  • September 26 2013
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Hello,

You can absolutely buy a foreclosure with a VA home loan. It needs to pass VA appraiser inspection and termite , but barring that is a ok , you should have no issues .

Thank you
  • September 23 2013
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Yes you can use a VA loan to buy a foreclosed property as long as the property is in acceptable condition. If the VA appraiser requires any repairs, the deal could be dead
  • September 22 2013
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Profile picture for PrescottAz
Yes you can., Get with us we work the Chino Valley Area. 
  • September 20 2013
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Profile picture for JoshBarnettREIB
Ask your lender about the minimum criteria VA demands for their loans and then let your agent know the answer, unless your agent already knows the answer. 
  • September 19 2013
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A VA loan doesn't have specific requirements about a house being a foreclosure or not. The hard part would be the VA inspection that takes place. In order to obtain a VA loan, the home that you want to buy has to pass a VA inspection. These inspections can be hard to pass sometimes, especially with foreclosed homes. So just keep these things in mind as you continue your buying process.

Well I hope this helps! If you have any further questions or if you would like a loan, feel free to contact me!

Good Luck!
  • September 19 2013
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Profile picture for Ofe Polack
More than who owns the property, is the condition of the property.  Usually, bank owned foreclosed properties are sold AS IS, and that condition may not be acceptable to VA
  • September 19 2013
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Profile picture for Academy Mortgage AZ
Yes, But as mentioned before you may be some concerns about the condition of the property and passing a VA appraisal inspection.
  • September 19 2013
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Profile picture for Outer Banks N C
Once a home has gone through the foreclosure process it is owned by someone, often a bank. So you are buying a bank owned home and it is like any other home except its owner is a bank. It just has to pass the VA inspection and some bank owned homes have not been well cared for and might not pass.
  • September 19 2013
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Profile picture for Doug Miller1
Absolutely.  VA loans can be used to purchase foreclosed properties as long as the VA guidelines are met.  Caveats to that are homes that are in rough shape.  Any home financed through the VA must be in safe living condition.  A lot of foreclosed homes are sold in "As Is" condition, and if it won't pass a VA appraisal inspection, you would be out of luck.  If there are multiple offers on a foreclosed home, the VA offer could miss out because of the VA appraisal requirements. Steer clear of foreclosure auctions since they will generally requirement a cash payment that day, which you wouldn't qualify for. Best of luck!

Doug
  • September 19 2013
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