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Thread: buying a house with VA loan

  1. Senior Member
    *Meg*'s Avatar
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    #1

    buying a house with VA loan

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    DH and I are trying to buy a house but we are in the DC area and stuff is pretty expensive. As a result a lot of what we can afford are foreclosers and short sales.does anyone have any experience buying one of those using the VA loan? My realtor thinks it isn't possible. Thanks!!
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    #2
    It is very hard to do a VA loan on a house that is being foreclosed on. The issue is, the house has to be in move in condition, and I have hardly ever seen a house that was just ready to do. Most need work.
    We tried to get a VA loan on our house, which was being foreclosed, and we could not do the VA loan. The bank would not even let us try, because if it failed the inspection it would kill the contract.
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    #3
    Don't live in DC.. go outside of the beltway.. you can find twice the house for 1/2 the cost and it not be foreclosure.

    Sure, the commute can be trying, but worth it for the amount of house you get.

    We bought in Woodbridge, VA and commute to DC.

    There are 10 types of people in the world, those that understand binary and those that don't
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    #4
    it is possible to buy a foreclosure using the VA loan, however most banks do not like to.

    short sales are better because the owner still owns the home and you have a better chance of getting a home move in condition- however short sale sellers are selling because they cannot afford to keep it, which means no money to get repairs done that the VA may/will require.
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    #5
    Thanks for the replys. We are outside the beltway dh works in Bethesda and I work in Annapolis , so we are looking between there. He houses we can afford outright are.mostly in terrible areas unfortunately.

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