Buying a Foreclosed VA Home
Get a Deal that Makes Cents
The VA saves many people money on their home each year by selling properties that have been foreclosed. Anyone can buy a VA foreclosed home, even if you are not a veteran. There are homes in every state available from the VA and the list of homes for sale is constantly changing.
Are you wondering why the VA has all of these foreclosed homes to sell? If you go to VA Home Loans you can read about the VA Home Loan Program, where the Veterans Administration helps veterans purchase homes by guaranteeing the loan.
This way the veteran can get a home with no down payment and have an easier time getting a mortgage. However, when the veteran can not make the mortgage payments, the lender goes to the VA that guaranteed the loan and asks them to pay them back for the loan they made. The VA pays the lender for the mortgage and then the VA owns the home. Because the payments are not being made, the VA forecloses on the home and seizes the property. This is why the VA has so many foreclosed homes to sell to the public. …
The VA uses a property management company to sell all of their foreclosed homes for them. The company is named Ocwen Loan Servicing LLC, and they handle of the VA homes for sale. If you are interested in purchasing a VA foreclosed property, the property management company is the place to start. At their website www.ocwen.com you will find:
- Information on VA foreclosed properties for sale.
- A list of each VA home currently for sale. You just click on the state you are looking in and then click on the city of your choice. Then you will get a list of properties including their location, number of bedrooms, number of bathrooms, price, and square footage. To find a VA foreclosed property, go to http://www.ocwen.com/reo/reofindbystate.cfm and click on the map.
- Information on financing to buy as VA foreclosed property.
After you have gone to the Ocwen Loan Servicing LLC website and have found a home you are interested in, you should contact a real estate professional to see the property. The VA foreclosed properties are all listed in the real estate MLS or Multi Listing System, where any agent can access their information and show you the home. Remember that if you decide to purchase the property, the real estate agent that shows you the home will then become the agent that represents you in the buying process. They can answer any questions you may have and help you though the process of buying your VA foreclosed property.
Veterans who are interested in buying a VA foreclosed property can also use the VA Home Loan Program to purchase the home.
If you are a veteran and have found a VA foreclosed home you want to buy, contact a VA approved lender to begin the process of applying for a VA home loan. All non-veterans who are interested in purchasing a VA foreclosed home can apply to get pre-qualified now at Get VA Loan Now
We are the leader in lending to Veterans through VA home loans and VA refinances. If you have more questions, comments, or would like to get a VA Home Loan, please contact John Allen at 1(951) 543.4137 or email him at [email protected]
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