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Can I use my VA benefits for shortsale or forclosure?

by singh434 from Nichols, Iowa. Jan 26th 2021 Reply

Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,300 contributions

I see no reason why not. The issue you may run into is the condition of the home and any needed repairs or improvements. If the Appraiser calls out health and safety issues, and the seller won't make repairs, (which is usually the case on both Foreclosures and Short Sales) you may need to qualify for a VA Renovation loan. Keep in mind that your VA eligibility is ONLY good for buying a residence to move into as your permanent home, so a fix & flip is not an option with a VA loan. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ At NEXA, we've got you covered. We are licensed in all states except MA and NY and we are pending approval in VA, so give us a call. ~ 480-889-9000.

Jan 26th 2021
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,421 contributions

The fact the home for sale may be a short sale or foreclosures in and of itself means nothing really for the buyer. BUT, a home like that may have condition issues, and that is always a problem with all new loans, including VA. I provide VA loans in Iowa, Minnesota, Wisconsin, North and South Dakota. Find me at - Cambria Mortgage, NMLS 274132

Jan 29th 2021
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