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While VA loans are usually the best fit for veterans, there are still those families who default on their mortgages

While VA loans are usually the best fit for veterans, there are still those families who default on their mortgages

When homes purchased with a VA loan enter foreclosure, the VA can buy the property back from the lender and put the house back on the market, usually at a much lower price than before.

VA-owned properties can be residential or commercial, and are sometimes referred to as repo homes, as in “repossessed.” After a borrower defaults on his or her mortgage, the VA acquires the property and must repay the original loan amount back to the lender. To make up for this payment, the VA sells the house again, this time to anyone, not just to those with VA entitlement. You can buy one of these properties with a vendee loan or vendee financing. This is a loan specifically used to purchase these VA-owned, foreclosed homes. small personal loan bad credit However, you don’t have to use a vendee loan: you can also use VA, FHA, or conventional loans to buy the foreclosed house.

What Are VA Foreclosures & Who Can Buy Them?

Vendee loans are available to anyone, whether they are a veteran or a non-veteran. They’re lent out through the Ocwen Financial Corporation, a nationwide network of real-estate agents. Vendee loans are a good option for those looking for a relatively cheap mortgage.

To locate available VA foreclosed homes in your area, look through your multiple listing service or contact your local real-estate agency. You can also look at the Ocwen Financial Corporation’s website, search by state on Zillow, or subscribe to sites like RealtyTrac that specifically track foreclosed homes. The federal government also lists government-owned properties for sale on websites such as HomeSales. (more…)

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