Can you tell me about Va Foreclosure List?

Edwards Finance > Foreclosure

Q. I served 6 years in the US Army, but nobody will accept my VA loan to buy a house here in Chic- ago. Suburban real estate companies say that the VA loan is no problem. I think that I am a victim of a scam? (And any other veterans that are attempting to buy in Chicago) First of all, is this illegal? Second, where can I go for help? With the VA loan, I qualify for zero downpayment, which means that $15-$30,000 does not come out of my pocket. That is my main reason for wanting to use the VA loan in the first place. Will anyone help?

A. I'll try to give you some insight and I hope others will contribute. You MUST speak with financial institutions concerning your VA "guarantee". Real Estate agents work for the seller, not the buyer and because the VA will not pay points or whatever, the VA Guaranteed loan is not very popular with sellers since they themselves wind up paying the points. I strongly suggest you first look into VA homes that are up for sale due to foreclosure or whatever. You can find some really great deals that way and it's easier to finance using your VA Guarantee. Notice I have been referring to "VA Guarantee". That is what it is. It is not a loan from the VA itself. The VA is telling your broker/mortgage company, that it will guarantee a loan for up to a certain amount in case you default. In most cases this amount isn't enough to cover the entire cost of a home, so the remainder is what you need to "qualify" for. Homes that VA has foreclosed on are homes where the Veteran didn't make the payments for one reason or another and after a certain period of time, the VA, after giving them many many chances and breaks, finally had to tell them to vacate. The VA had to reimburse the Veteran's mortgage company any money that was due them because the VA "guaranteed" they would get paid. Now these homes may not be in the best of shape. If a person cannot make house payments, they sure as hell couldn't afford the upkeep on a home. Now some VA homes are simply vacant because the Veteran bought a better home. These homes are generally in damn good shape. Call your VA Office for the phone numbers of Real Estate Agents that deal with VA homes. The VA puts out a list and you can also receive that list. The list will have the minimum bid on it. If you are the high bidder, the home is yours. HOWEVER, if you can afford it, try to go Conventional or FHA and save your VA Certificate for later on, maybe for a second home or whatever. Be careful though as the VA requires that you reside in the home they are securing for you. Find a Realtor that won't put you down because you have a VA Certificate of Eligibility. After all, it's a benefit you earned. It's not a handout. Points are the issue though. And above all, remember, the Realtor works for the seller, not you. Their commission depends on what they can sell the house for. The higher the price, the higher their commission.

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