It really depends on the condition of the home. Many of the foreclosures through HUD can go VA or FHA if you do the escrow attached with it to make necessary repairs. If the house is in bad shape it doesnt matter if its foreclosure or owned. Va or FHA will not approve it. If you are looking in mesquite I would be happy to help you . I have a great knowledge of the area and the different types of foreclosures.

As an added bonus I rebate you 20% of the commission I make off of the sale back to you after closing.

Thanks
RJ
214-682-0598

Hello, Iv been in the market for 5 months competing with my VA. The answer to your question really depends on the market where you are shopping.

The reality is, with REO homes, the bank is really imore nterested in what they can get out of the home than what type of source the money comes from. Unfortunately (for us) VA loans require contingencies that other loan products do not. Things like pest reports, and clear section 1 along with the requirement that the seller pays for the closing costs. These take away from the amount that the banks can get from the house.

Bottom line is if the bank gets two offers, one being an FHA, and one being a VA at asking for a house, the FHA will win because it requires the buyer to pay for their own closing costs. The VA often requires 3% back from the seller to cover that.

To compete with other loans with a VA, you must always markup the offer by 3% so that money can be used for the closing costs. Keep in mind that on occasion, the bank might actually counter with a lower amount for the purchase price. This is because they are concerned about the appraisal. To deal with this, you must have a very good agent who knows the business, and can work with your lender to help compensate with how the loan is wriiten.

In the meantime, the search continues.. stay patient, find yourself a house, That is all you can do. Good luck!

Texas also has another source of funding for veterans through the Texas Veterans Land Board.

Talk to a knowledgeable mortgage lender about what loan product will work best for you. Using your VA eligibility may be the way to go for you, or it may not. If you are looking at the 100% financing, there are still government down payment assistance programs available to help with the down payment on an FHA loan. The key to these down payment programs is that they are government programs and not private programs.

Nadene,
You do not seem to be talking to HUD approved agents. You will need one to see the HUD homes and you can go to Http://www.Bidselect.com to search for the homes and the agent for your area
Now for the loan - you will need to have a pre approved loan in place and be ready to go when you make the offer.
Yes it is true that many of these homes may need repairs and not pass the strict guidelines of the lender.
There will be a preliminary inspection telling you of some of the repairs.
HUD has a loan that will include these repairs and more.
FHA has a $100 down loan - on HUD owned homes - with some small restrictions.
You can not afford to go in with a VA loan and have underwriting or inspection problems that extend the closing. You will not get the home unless you close by a certain date.
HUD will furnish your Title policy.
We are finding many of the HUD owned homes in much better condition now.
Good Luck

Margaret

Nadene,
HUD offers a FHA $100 down on many of their properties. Let your lender know you are looking at HUD's, because there is no need to use a more restrictive VA loan when buying a HUD property.

Good Luck,
Dennis.Anderson@century21.com

Nadene,
Basically with VA and FHA , what they are looking for is a structurally sound, safe house. If you are interested in purchasing a home in Mesquite, I work in Mesquite and would be happy to help you.
Thanks,
Sandra Smith
Epps Realty
217 E. Davis
Mesquite, TX
972-989-0464
Sandra@eppsrealty.com

The main thing with VA or FHA properties is that they are in good enough condition to pass appraisal. I am very familiar with mesquite as I live in Forney and also very familiar with what HUD and VA looks for. If the property is in approvable condition you should have no problem with VA. please call with any more questions. As a bonus if you are not working with a Realtor I rebate 20% of my commission to all my buyers.

Thanks
RJ
214-682-0598

Depends.
If there needs to be any repairs, the seller(usually a bank) do not want to make any repairs.
I have seen some instances that they were done.
You need a good realtor with an eye for the things that VA will want repaired.

Let me know if you need a referral to a good realtor over there.

And please feel free to follow up with more specific questions!!

Tom Burris
Mortgage Banker
DallasLoanGuy.com