Foreclosed properties tend to need a degree of renovations, and (therefore) oftentimes may/will not qualify for a VA loan. The 'great deals' that once were on REOs (real estate owned by the bank) are generally no longer the case, at least not locally in Ventura County. Try to avoid Fannie Mae REOs, which are over-priced, offering Home Path Financing. That is, unless you want to buy a home for over it's present value, and not have an appraisal issue. You next step should be to speak to a VA lender specialist, to determine a price bracket that you will qualify for. Keep in mind, getting a 'great deal' really only matters if you also plan to be living in the home. By the way, there are only TWO current foreclosed homes in all three cities (VTA, Simi and Cam) that will qualify for VA financing. They happen to be here in Camarillo, listed at $422,900 and $439,900 and both are Fannie Mae Homepath Properties.