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What is a VA home

VA means Veterans Affairs and it is a part of the Government that provides loan to veterans for buying a house. There are 25 million veterans living in the US, and almost three out of every 4 has served in a war. So there are approximately 70 million people, who are eligible for different benefits and loans offered by the VA.

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A part of the 70 million already has homes while some of them take loans from VA to buy homes for themselves or for their family. To apply for a VA home loan veterans are required to fill a VA Form 26-1880, which provides them with a certificate that makes them eligible for VA home loans. The general rules for eligibility are categorized under various wartime services like World War II, Korean War and the Vietnam War. The eligibility is also categorized under peacetime services where the veteran should have served for a minimum of 181 days of active duty continuously. The veterans can also apply for a loan through a lender who has access to an automated certificate of eligibility system or ACE.

VA foreclosures - an insight

Now there are times when the veterans who have taken a VA home loan make a default on the monthly or annual payment. It is very natural and can be cause due to financial stress, death of the spouse or homeowner, disability, rising expenses and many more. When default on loan payment occurs, the VA homes go into a pre-foreclosure period, which is the period before foreclosing the property. Once a foreclosure happens, the property is transferred from the homeowner to the VA department or to a lender who further puts it up on sale or for auction.

A VA foreclosure home can be compared to a best buy home because the prices are always lower than the market price of the VA foreclosed property. If you are looking to buy a nice house in a real estate market with rising value, then the VA foreclosure property will be the best choice. If you bargain well, then in all probability, you will get a VA foreclosed home for almost 25% discount. You can buy a house as an individual, family or as an investor.

It is always recommended to check the condition of the house before you go for the kill. It is important to determine your total spending on the repairs if there are any and then calculate your price, which has to be lower than the market price. As an investor you have the option of buying a VA foreclosure to rent it out or sell it off again at a better price. As an individual, you can invest some more on repairs if any and make it look like new. Either ways, a VA foreclosure will be a profitable option.

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