VA Repo Homes
VA stands for Veterans Affairs, which is a Government agency that provides home loans to veterans. It is a benefit that can be availed of by any war veteran and soldiers who have served the Armed Forces for a certain period of time. The sanctioning of the loan requires a veteran or a soldier to fill the Form 26-1880 to get an eligibility certificate that will finally entitle him or her for the loan. There are almost 29 million veterans who are eligible for a VA loan and as of today, the VA loan limit has also been increased to $417,100. But the trend shows that most of these loans go into default and as a result, the VA Repo homes are marked as foreclosed properties. This has increased since 2005 and more and more va repo homes are getting listed with foreclosure companies.
Search Foreclosures by State
Here is some news from leading foreclosure websites and magazines. Some of the states have reported the maximum new foreclosures in the year 2005 and they include Illinois, California, Michigan and New York. The year 2005 saw California report 61,563 properties and there was a unprecedented increase of 16% in new foreclosures the first quarter to the fourth quarter. Illinois followed on second place with 46,723 properties with a decrease of 14% from the first quarter to the fourth quarter. New York reported to be third in place with 37,068 properties. In 2005, Utah, which has the country’s third highest foreclosure rate, showed 1.5% of households entering foreclosure. 11,536 properties were listed that year. Investors and many buyers have capitalized on this boom period where real estate repo homes were sold at down to earth prices. The figures just show how much the foreclosure market has actually opened in the last two years and that means that there has been a rise in the variable rate mortgages.
The statistics means that now buyers can see the silver lining in the clouds. Most buyers can get a good 30% to 50% off the market price on these properties or homes and that makes up for a great deal. The money saved can accumulate interest in your bank account or you can use a small sum for renovating the new house. There are some homes that come with a lot of space and the best way to utilize space in the front of the house is by having a small garden. There are many options for decorating the landscape like having a small Japanese garden that will be soothing for the senses and also bring about a different aura. These homes may have garages, which can be utilized as a study room or as a small office. When we are talking about a home, there are millions of options that can make your home stand out. VA repossessed homes can be re painted if the need be and you can also plant some vine trees that will give it a nice earthy look. A home is like a destination from where you will seldom move away.
Find Foreclosed Homes by Top Cities
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Mortgage Rates
| National Overnight Averages | TODAY | +/- | Last Week |
|---|---|---|---|
| 3/1 Year ARM | 3.58% |  |
3.63% |
| 1 Year ARM | 3.47% | |
3.5% |
| 30 Year Fixed Mortgage | 5.15% | |
5.17% |
| 15 Year Fixed Mortgage | 4.62% | |
4.63% |
| 5/1 Year ARM | 3.61% | |
3.66% |
