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If you are one of the people still lucky enough to be able to obtain a mortgage, you may want to look into houses that have undergone VA foreclosures. When the VA guarantees the mortgage for a home, and it goes into foreclosure, they pay the bank or lending institution the remaining money. Then they own the house. The VA is not in the market to own houses, so they try to get rid of them quickly. Often they will take care of all the closing costs. They can also arrange no money down loans. If you are very lucky, you may even get them to guarantee the loan for you even if you have no Veteran’s benefits. Like most types of foreclosures, if you do happen to find a VA foreclosure, the house will be being sold “as is”. This means they are not going to go through and make sure everything is in perfect condition. They don’t even care if it is working or not. The homes may not have basic appliances, or may be in need of actual repair. Of course this means that the houses are usually being sold for less than the current market price would be. In most places in the country the housing market has plummeted. If you are in the position to do so, now would be a great time to get another house, rent it out for the mortgage amount, and have a nice asset when the market recovers. Taking advantage of VA foreclosures could provide you for a nice little retirement nest egg. If you are handy, and can do the repairs yourself, you can even fix them up and resell them. <--> |
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