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va foreclosures florida

January 30th, 2010 by admin


Can a VA home loan be used to buy a home in foreclosure?

I’m in the military and interested in purchasing my first home. However most of the homes in my area are in foreclosure; the ones that are in my price range at least.

I called at one in particular but the realtor said that the bank doesn’t like going with VA b/c the foreclosure wants all the costs to be covered by the buyer.

Other than talking to a realtor (which is what I’m going to do on Monday anyways) can a VA home loan still be used to buy a home in foreclosure?

Couldn’t the closing costs just be included in the the cost of the home itself?

Oh and I’m residing in the state of Florida.

Yes it can, however the VA may require an escrow of monies to make repairs and most lenders aren’t going there. You might consider purchasing a “short sale” instead. At least you can see the property is most likely being maintained and would you still have some negotiating room with the sellers instead of the lender.

Pembroke Pines Homes for Sale and Foreclosures


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