Would you like to buy a foreclosure?
Would you like to have a down payment of $100.00? How about a down payment of $0?
The United States government is selling foreclosures. In fact, they have too many to sell. Because of this, they are offering loan programs to purchase these homes with little or no money down! These homes are available to first time homebuyers as well as buyers who have owned many homes.
But how could this happen?
Leading up to the peak of real estate prices (pre-recession), many unsavory loans were issued to eager borrowers. Unethical banks and institutions gave loans to borrowers who could not afford the real terms of the loan. These loans were essentially bait a switch loans where they had sneaky and deceptive terms. Most often, the borrowers ended up borrowing much more than they could actually afford.
Many of the lenders that created those loans have gone into receivership with the US government. The result is that these loans were defaulted on and the properties were then foreclosed upon. In some cases the amount of foreclosures and internal financial instability were so great that the banks were eventually taken over by the government of the United States.
This has created a unique problem for the government agencies that currently own the foreclosures. To make the matter worse, many potential buyers lack the money for a down payment.
The solution as determined by HUD was to open the floodgates and offer reduced down payments in an effort to liquidate these government owned foreclosures. In addition to the lack of down-payment, the government loans (VA, USDA, and FHA) now offer special low interest rate financing if you purchase these foreclosures to live in.
Prior to the United States taking over these banks, many of the homes were foreclosed upon or were being foreclosed upon. The end result is an unprecedented opportunity for many first time homebuyers. That opportunity is the ability to buy government REO foreclosures with down payments of less than $1,000. In fact, many of the homes qualify for special financing where the down payment is as low as $100 and some are even $0 (when purchasing with VA Loans or USDA loans).
How can you get in on the action? Easy just contact your local VA Home Loan Center and Get Connected™.
In an effort to stimulate the economy and liquidate government owned real estate assets (REO’s), VA HLC has created a one stop shop wherein those who can afford to pay rent, can now afford a home of their own. Designed with these objectives in mind, government owned repossessed homes can be purchased with little to no money down. The buyers do however; have to place a refundable deposit into escrow once they have chosen a home. This special program is open to all Americans over the age of 18 but for a limited time only.
Here are some benefits of using VA Home Loan Centers to buy a government owned foreclosure:
Low down-payment!
The VA home loan centers are offering loans to all US citizens over the age of 18. These loans have down-payments as low as $100 or for some borrowers $0!
Low closing costs!
Each VA home loan centers loan features closing costs (in part or whole) to be paid for by the seller, not the buyer!
$2,000 VA HLC grant money!
VA home loan centers is offering a limited grant of $2,000 when you close your loan. This grant is for a limited time and only available through direct VA Home Loan Centers Loans.
Easy qualifying!
The loans originated by VA Loan Centers have lower standards than you will find with most banks and institutional lenders. If you have stable income and average credit, you probably qualify to get a VA loan!
Fixed rate mortgages!
VA home loans originated by VA HLC are fixed for 30 years! No increase in payments, no funny stuff. Your loan payment will remain low for the life of the loan.
When you consider all the factors, its obvious why VA home loan centers is the natural choice for home ownership.
