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Benefits of buying a VA Foreclosure
- No money down Mortgages
- Instant equity
- No Mortgage Insurance Premium (MIP)
- Mortgage qualifying flexibility
- All mortgage closing cost paid by VA
Understanding Veterans Administration
Foreclosure Loan
Homes designated as VA Foreclosures homes are available for civilian
Veteran's Home loans (mortgages). This means that the past purchaser
was a Veteran of one of the branches of the United States Military
and that the previous mortgage was made possible by the Federal
Government who guaranteed the loan. By guaranteeing the mortgage,
the Department of Veterans Affairs (VA) agrees to repay the Lender
for all money lost by the lender on the mortgage in case the property
is foreclosed on. It's a good deal for the Lender as their investment
is 100% guaranteed.
Thousands of VA foreclosures occur each month. The Federal Government
protects itself by charging each buyer of a VA mortgage a Funding
Fee. The Funding Fee is a percentage of the mortgage amount and
is helpful in several ways. Because the Funding Fee is charged the
Veterans Administration can allow the Veteran to purchase a house
with no money down. By purchasing a VA foreclosure from the list
of Veterans Administration foreclosures found on USHUD.com you can
proceed with the loan as though you are a Veteran and buy many of
these properties with no money down and without mortgage insurance.
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