I am a first time buyer with a VA Loan option available to me. I would like to buy with no down payment. Can I buy a bank-owned foreclosure?

Asked by myemailjgat2, San Antonio, TX Thu Feb 21, 2013

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Jason Campbe…, Agent, San Antonio, TX
Thu Feb 28, 2013
There are some foreclosures out there and bank owned REO properties that are in good enough condition for you to purchase them via VA lending.. There are some properties that also offer VA vendee financing.. And the condition of those properties doesn't matter.. I can go into more detail later if you need it.

Shoot me a text, send me an email, or give me a call at 210-389-5266. I'd be happy to send you a full list of all the homes that fit exactly what you're looking for.

Jason C Campbell
Platinum Top 50 Finalist
Option One Real Estate
Web: http://www.SAHomeExpert.com
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Don Groff, Agent, Austin, TX
Fri Feb 22, 2013
You definitely can but the home has to be in good condition. Depending on the repairs needed if any you need to be working with a lender who is willing to do them. That may or may not be the case but it is just something to be aware of. If you have any questions on VA loans and your options please let me know.

Best of luck to you.

Don Groff
REALTOR® | Mortgage Broker
Austin Real Estate Pros | 360 Lending Group
o 512.669.5599 m 512.633.4157
listings@dongroff.com | http://www.AustinListed.com
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Roland Gonza…, Agent, San Antonio, TX
Fri Feb 22, 2013
Mrs. Maldonado, You have received a lot of offers to help. And you will find that folks in San Antonio are the friendliest folks in the US. As to the proximity to Mexico, definitely not a problem in San Antonio. As in all major cities, there is crime issues and that is why you need a local Realtor that can guide you to the right neighborhoods.

You can certainly qualify for a VA loan which requires no down payment. You can also combine your VA loan with the Texas Vet program which currently has a 3.16% interest rate. You can have the best of both worlds.

Bank foreclosures are definitely possible - we just need to make sure that the home condition is good enough to qualify for a VA loan.

Please call me for details.


Roland Gonzales ABR, GRI, CRS, CDPE
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Jim Olive, Agent, Key West, FL
Fri Feb 22, 2013
Thank you, Brother Ron, for your accurate and honest comments. As a Vet, VA loan holder and having experience closing deals with VA loans, it's important that we provide balanced, accurate information. The VA loan CAN be a great vehicle and a great benefit for eligible buyers. It can also be as big (or bigger) a pain in the butt as most conventional financing options. One of the biggest problems is that the VA is a great big lumbering giant that has been incredibly slow to catch up with market trends. Short Sales and foreclosures are DIFFERENT than other market segments and the VA doesn't seem to care. They are often unbending and inflexible in situations that require flexibility. For example...when I bought my current home, it was a TREMENDOUS bargain (see my blog on the subject at http://www.trulia.com/blog/jim_olive/2012/05/short_sales_in_…), but it had a few blemishes. The VA Appraiser made an off-the-cuff comment about an item and suggested it could be corrected for $100. First of all, you can't get ANYTHING done in Key West for $100. Second, $100 was such a MINISCULE consideration on the cost/value of the home, that it was absolutely insignificant. In the eleventh hour the deal almost fell through because the VA was requiring that the item be corrected. Well, there wasn't time to REALLY correct it, so the VA was essentially killing my deal. The very gov't agency that was supposed to be there to help me, was killing my phenominal deal!! Thanks for the help, VA!
A great many foreclosures, in my humble experience, need more than a little work. Most banks are unwilling to do anything to correct the problems. And further, the banks know that the VA could cause them problems in closing the deal. Therefore, a VA loan for a foreclosure is more likely to be problematic. It CAN be done, especially on a nice clean foreclosure, but you should be aware of the potential pitfalls before you charge off tilting at this windmill! Best of luck...
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Tabitha King, Agent, San Antonio, TX
Fri Feb 22, 2013
You should be able to do what your asking. Just need to call and talk to lender.
You can call, email or text me for a lender reference that does VA loans.
Have a good one
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Susan Casas, Agent, San Antonio, TX
Thu Feb 21, 2013
Contact me and I will get you in touch with an awesome Lender. Thank you for your service! I will be happy to help. Thank you for reading.

Susan Casas
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Francisco Mo…, Agent, San Antonio, TX
Thu Feb 21, 2013
Yes, you can most definitely as long it passes the VA inspection. If you would like additional information on the home buying process please feel free to contact me at 210-391-6351.
Thank you for serving.
Frank Mota
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Jeff and Kaye…, Agent, Colorado Springs, CO
Thu Feb 21, 2013
It's a great loan to go with. In Colorado Springs we have about a third of our buyers utilizing their VA eligiiblity to buy homes. We view it as a great benefit for buyers. Because it is so common the sellers in our community do not look at it as an issue. It really does not create difficulty to the sellers, every once in awhile they have paint issues and sellers are required to pay a few more closing costs.

And yes, you can definitely buy a bank owned property.
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Vino Alonzo, , San Antonio, TX
Thu Feb 21, 2013
We appreciate your service.

Yes, you can buy a bank owned home using your VA entitlement. I can help you with all of the necessary VA paperwork. With VA, there is no down payment required. Keep in mind, there will stil be closing costs. We usually work with your buyer's agent to negotiate for the seller to help with some or all of your closing costs.

VA is the best option for you as the rates are the same as FHA (first time homebuyer loans) but you don't have to pay mortgage insurance. so your monthly payments are lower than any other program.

I would be happy to help you with your financing for your first home. Also, if you are not already working with an agent, I can recommend someone that I've worked with that has a great track record. Feel free to contact Gregory Touchstone with Keller Williams. 210-660-2834.

Looking forward to hearing from you.

Vino Alonzo, Loan Officer
NMLS# 184279
Castle & Cooke Mortgage
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Jose Novelo, Agent, San Antonio, TX
Thu Feb 21, 2013
God Bless You and your Family. Yes you can and I know how. Please find your next home at http://www.JoseSellsSanAntonio.com then contact me to star the process, I promise you will be very happy with my experience and knowledge.
Good Luck and Thanks for serving our Great Country.
Jose L. Novelo
(210) 455-7635
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Vincent Arna…, Agent, San Antonio, TX
Thu Feb 21, 2013
I agree, thank you for your service. I have helped many clients with va or Texas vet loans. The rates are great now. And yes you can buy with little to no money down. I have had va buyers get most or all of their earnest money back at close. Give give me a call at 210-722-6243 and we can discuss your options available.
Vince Arnall
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Royce Simmon…, Agent, Cibolo, TX
Thu Feb 21, 2013
Absolutely, you can purchase a bank owned foreclosure with a VA mortgage in most cases.
I can talk you through the process and help if you so desire. As others have said, thanks so much for serving.

Royce Simmonds Broker-Owner
Simmonds Real Estate Schertz/San Antonio
(210) 269-8086 Direct Line

36 Years Air Force Service (15 Enlisted/21 Officer)
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Ron Thomas, Agent, Fresno, CA
Thu Feb 21, 2013
First of all; thanks for serving!

Have you gotten your Certificate of Eligibity from the VA?
Have you sat down and talked to them? (they are there to help!)

Do you understand the higher rates on VA loans?
Do you understand the Funding Fee and how it can artifically raise your Monthly Vig?
Do you understand that Sellers have to bend over for a VA Buyer?
Have you talked to the Navy Federal Credit Union? (yes, you can.)

Good luck and may God bless

ps, yes, you buy SS and REO's. (they just have to pass the VA Inspection)
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