Home Buying in Tracy>Question Details

amandamayleh…, Home Buyer in Bellevue, NE

can we buy a foreclosure with a va loan?

Asked by amandamaylehman, Bellevue, NE Tue Dec 10, 2013

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Yes, you can buy a foreclosure with a VA loan. Make sure you are working with a knowledgeable Realtor and VA lender that has experiance with both Foreclosure and the requirements of a VA appraisal. An experianced Realtor would be able to tell you if a foreclosure home would meet the standards of a VA loan. If you have other questions or concerns please do not hesitate to contact me. I have helped many VA buyer to purchase a home in the Tracy area. Have a great day!

John Keating
209-603-9326
0 votes Thank Flag Link Tue Dec 10, 2013
Also John, we need a one story 3 bed 2 bath at least with 1800+sq ft. I have seen a few I am interested in, but don't know how to find out what we need to do.
Flag Sun Jan 12, 2014
Hi John, we do have a VA loan don't know what were qualified for but want to stay under the 250k range and want to act quick. Whos a good lender?
Flag Sun Jan 12, 2014
Hello Amanda,
Yes I would be glad to help you with purchasing a home in the Tracy area. I have lived in Tracy for over 28 years and know the area very well. Also I have help many VA buyers. My email address is jkeating@pmz.com and my phone number is 209-603-9326. Let me know who your lender is and how soon you would like me to start looking for you. Have a great day!
Flag Wed Dec 11, 2013
thank you, we are looking for a home in tracy are you or could you recommend an agent that is willing to work with us we currently live in nebraska but are trying to move out there in the next couple months.
Flag Tue Dec 10, 2013
Yes it's possible! VA loans do not have restrictions towards foreclosure. On the other hand, every house has to follow the guidelines and has to pass the inspection. Some foreclosure homes may not be able to follow the guidelines or pass the inspection, that is a problem that may occur. Either way, I suggest you speak with a lender like myself who would be glad to speak with you to help you get the loan that you need. If you have any further questions or if you would like a loan, feel free to contact me. Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 brian.nguyen@nafinc.com
0 votes Thank Flag Link Mon Feb 3, 2014
For certain you can. Be sure to have excelLent representation.

VA loans have certain requirements about condition of the property
Hence, you don't want to spend time, effort and emotions and then find out
You could have never got it in the first place.

Good luck.
Ruth
0 votes Thank Flag Link Thu Jan 2, 2014
You can buy a foreclosure home or an REO with a VA loan. Just make sure to get yourself fully approved ahead of time so that you don't have any surprises. Good luck!
0 votes Thank Flag Link Thu Jan 2, 2014
Yes.

J.R. Thrasher
http://www.SanDiegoRealEstateVeterans.com
619-929-0105
0 votes Thank Flag Link Wed Dec 11, 2013
A VA loan can be used to purchase any home including foreclosures..As long as the home meets the standard requirements of condition as outlined by VA. VA usually requires that the home have a complete termite clearance and be in above average condition.In other words, you should avoid looking at "fixer uppers" Your loan person teamed with the Realtor of your choice can guide you find the right property that will meet VA requirements.
0 votes Thank Flag Link Tue Dec 10, 2013
Absolutely! You can buy a short sale, an equity sale or a property that has been foreclosed upon and still take advantage of the VA benefits! In addition, there are many home buyer's assistant programs that you can utilize in conjunction with a VA loan, regardless if you are a first time home buyer or not. Certain restrictions apply.
Please feel to contact me directly for more information.
robin.lewis@imortgage.com or 209-612-6208
0 votes Thank Flag Link Tue Dec 10, 2013
Yes as long as it is VA eligible, if so then it would not be a problem. If you have a home picked out and want to see if it is eligible then you can talk to a mortgage broker or lender. If you can go to The Lenders Network they would be able to get you to a lender that can help you out.
0 votes Thank Flag Link Tue Dec 10, 2013
Hello Amanda,

Yes you can buy a REO with a VA loan, however VA does have funding requirements.

The home will have to be free of any health and safety issues, and can not be in too poor condition.


Best of luck in your home search, and thank you to the Vet for serving!


Best Regards,
Kawain Payne, Realtor
0 votes Thank Flag Link Tue Dec 10, 2013
Yes, you can buy a home with a VA loan after a foreclosure. There are some challenges with a VA loan however if you work with a knowledgeable and experienced Loan Officer and Realtor they will make the process seamless for you.
0 votes Thank Flag Link Tue Dec 10, 2013
Yes but it is very difficult. VA has some stricter guidelines on the properties.

Alex Greer
Loan Officer
NMLS #1056079
http://www.TheMortgageOutlet.com

408-352-5147
AGreer@TheMortgageOutlet.com
0 votes Thank Flag Link Tue Dec 10, 2013
You can HOWEVER you will want to make sure the home meets VA appraisal guidelines before you make that offer. use a buyer broker who is experienced with VA and REO homes. Make sure you get pre-approved for a loan BEFORE making offers. Most bank owned sales only give 30 to more than 45 days to close.
0 votes Thank Flag Link Tue Dec 10, 2013
Yes, you can buy a foreclosure with a VA loan assuming the home is in good condition and the appraiser does not call out conditions that must be repaired. Most banks that own these foreclosures (known as REOs - Real Estate Owned) will not do any repairs, a few will do section 1 for pest work, a very few will do more. Ask your agent if he/she thinks house will pass an appraisal for VA. But the bottom line is, YES, you can buy a foreclosed house with a VA loan.
0 votes Thank Flag Link Tue Dec 10, 2013
thank you
Flag Tue Dec 10, 2013
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