I am retired and VA loan eligible; looking to buy in the Cumberland/Scotland/Robeson County NC areas, summer

Asked by Susan, Illinois Thu Jan 3, 2008

of 08. Can I get a VA loan on an REO or VA foreclosure? Is is difficult to get a VA loan now because of the number of foreclosures? I have good credit, and only one small credit card debt. Do I pay off the credit card before I start seriously looking, or save my money for closing? Advice greatly appreciated. Thanks.

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Valerie Gover, , Laurinburg, NC
Thu Feb 28, 2008
Hey Susan! Welcome to Scotland County! I am an agent in this wonderful area and would be more than happy to assist you in the buying process when you are ready. As you well know, now is a great time to be looking for a home. You can get a lot of home for a great price! We offer a small home town atmosphere with great schools and friendly people. I agree with the first response to your question. When going Va make sure you are pre-approved and have you rletter with conditions before we start looking. There are many lenders that now do VA loans. If you need any help with where to go next please let me know. Also, feel free to visit my website at http://www.valeriegover.com you can do a search for all properties that fit any criteria you need. Simply click on search mls and type in your price range, bedrooms needed, etc. This will bring up all listings in the area. I can help you with all of these. Please let me know that you received this response. I'm anxious to see how this site works myself!! I look forward to hearing from you .

Valerie Gover
Hasty Realty
Laurinburg, NC
910-280-5912 cell
Web Reference:  http://www.valeriegover.com
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Bill Warren/…, , Mortgage Lending
Thu Jan 31, 2008

Yes you can get a VA loan on a foreclosure or REO property. No the number of foreclosures is not a problem. You should not need to pay off the card before you start looking. Just pay your bill on time.

When you are ready to get serious, get "Pre-Approved". You want a fully approved commitment letter with conditions. After that is obtained, then finding the property is all you have left to do. When you are ready to look, make sure you use a buyers agent that has experience with VA buyers. They will know what to look for.
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Dan Askins, , Pinehurst, NC
Wed Jan 30, 2008
Susan, We welcome you to look at the Moore County area while you're looking around for housing. We have a great quality of life, good schools and very low crime. You will also find a lot of people from your area here. Pinehurst and Southern Pines are both popular targets for military personnel working at Ft Bragg and for retirees from all over the country. Feel free to give me a call or email anytime. Dan. Dan@DanAskins.com http://www.DanAskins.com. I am licensed realtor with Fore Properties.
Web Reference:  http://www.DanAskins.com
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Larry Story, Agent, Greensboro, NC
Tue Jan 22, 2008
Keep the credit card current and have the balance paid down to around 10% of limit and then save the rest for a down payment. Of course the govenment has tighten up on there qualifications. But, with the rates dropping and your credit being in good shape you should have no problem. You will just have to make sure the home qualifies.
If you need any help feel free to contact me.
Larry Story
Coldwell Banker Triad
mobile 336-327-1841
office 336-545-4632
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Chris Murphy, , San Diego, CA
Thu Jan 17, 2008
You're able to do a lot with VA but you will have rollercoaster with the loan process. Not only does the borrower have to be approved....so does the subject property. They have strict guidelines that must be met before closing...and some sellers/builders dont want to deal with it.

If you're a second time user then your funding fee will be around 3.3% if you can't come up with a 5-10% down payment. If you're disabled then the funding fee is waived. VA has great rates...and NO PMI!
Another great thing about a VA Loan is that you can always do a streamline refinance w/out them repulling credit, doing a new appraisal, and viewing your income. It's a great product but can be a lengthy process.
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, ,
Fri Jan 4, 2008
Susan, yes you can use a VA loan for a REO or VA foreclosure. I'm a veteran, have a VA loan myself and love helping veterans with their VA loans!

To answer your other questions:
- Foreclosures will affect the value of the property, but will do nothing to affect the VA loan itself.
- Eventhough VA loans have no credit score requirement, having a good credit score does help.
- As long as you can budget with the credit card payment, then you should probably just leave it alone.
- Through VA, the seller can pay up to 4% of the sales price toward your closing costs - which should potentially cover all your closing costs.

I am not licensed in your state, but if you have any questions please feel free to email or call me. Good luck!
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