VA Foreclosed Home – A Great Deal
March 30th, 2006 by 
Joseph Smith
A VA foreclosed home is a great way to buy your dream home or to enter into the exciting world of real estate investment. A VA foreclosed home is simply a home that has been repossessed due to the nonpayment of a mortgage. Unlike other types of foreclosure properties, though, a VA foreclosed home has most recently been owned by a United States veteran or member of the military and the last mortgage on a VA foreclosed home has been insured by the Department of Veteran Affairs (VA). You do not have to be a veteran to buy a VA foreclosed home.
A VA Foreclosed Home Gives You Unique Advantages
When you buy a VA foreclosed home, you buy a property that is well below market value. In fact, a VA foreclosed home can be priced at up to 5% to 50% off the market value of a home. This is because the VA wants to get rid of each VA foreclosed home quickly. After all, the VA needs to pay a lender all their losses for each defaulted VA loan and keeping up any home takes money and work. For these reasons, the VA would rather sell a VA foreclosed home at below market value than hold onto a property.
Money is not the only advantage when it comes to buying a VA foreclosed home, though. When you purchase a VA foreclosed home, you can also enjoy:
No money down. When you buy a VA foreclosed home, you can buy your home with all the advantages of the military. In other words, even if you have never served in the military, you can buy a VA foreclosed home as though you were a veteran – with all the benefits that entails. One of these benefits is the possibility of buying with no money down or with very little money down.
Fast equity. Since most types of VA foreclosed home are priced below market value, you start building equity right away. In addition, you can look for a VA foreclosed home that needs some minor repairs and some small cleaning. When you complete these minor repairs yourself, you can build fast "sweat equity" on your VA foreclosed home.
Lots of choice. You can buy a VA foreclosed home in virtually every community across the country. Plus, these properties come in every style you could desire, from condos to rural properties to new homes and historic buildings. When you buy a VA foreclosed home, you have plenty of dream homes to choose from!
Easy qualification. Even if your credit is bad and you have little money to spend the affordable price and easy qualifying process of a VA foreclosed home can make your dreams of home ownership come true.
Savings on mortgage insurance. When you buy a VA foreclosed home using a VA home loan, you do not have to pay mortgage insurance on your property.
Savings on closing costs. In some cases, when you buy a VA foreclosed home, the VA will pay your closing costs for you (up to 6% of the price of the home). This benefit alone can save you many thousands of dollars!
If you have not considered it already, a VA foreclosed home can be your ticket to your dream home or property!
