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How To Find VA Programs
How To Find A VA Property
It is real easy to find VA properties that are available for sale if you have Internet access. Just go to their website at www.homeloans.va.gov Once you are there, select the"property management" link. You will then be prompted to select the state you reside in. You will then be redirected to your states web pages. Once you are there, you can see the current property listings and find out about the guidelines for buying a VA acquired home. If you do not have Internet access, you can contact your VA offices Property Management Division. A listing of Benefits offices is included at the end of this book under “Contact Information” After you have found some homes you are interested in, contact a Realtor who is VA approved to show you the homes. If you see one you like you should immediately get pre-qualified for a mortgage. After you get pre-quliaifed, get together with your real estate agent and submit your bid. You will need to include a deposit with the bid. You will be notified at the bid opening if you are a successful bidder, You will then have 30 to 45 days to close. FDIC Properties The Federal Deposit Insurance Corporation sell foreclosure homes. These homes are from the assets of failed banks. The FDIC has to sell these pr operties as quick as possible through their Division Of Liquidation. Foreclosures are offered first to those in the low and moderate income bracket. To qualify your income cannot exceed 115 percent of the average median income for the area the home is in. The size of your family will also be considered. After purchase you must live in the home for 1 year and one day. Finding An FDIC Property To locate FDIC properties in your area you will need to call your local FDIC office. You can find them in the government pages of your phone book. Request a list of available homes in your area and the FDIC will mail them to you. (Some FDIC offices will fax them on request). The list you receive will include the address of the properties, the asking price and name of the real estate agent to contact. Buying An FDIC Property FDIC homes are sold through a sealed bid process, much the same as HUD and VA homes. The bids have to be submitted through an FDIC registered broker. All bids submitted must be on a FDIC Purchase and Sales Agreement form. To make the process quicker you should request one of these forms when you make your initial contact with the FDIC. All FDIC Properties are sold on an "as is" basis. Your offer will take 30 to 60 days to process. Your real estate agent can help you with the bidding process. If you see a home that does not have a real estate agent assigned to it, then you can submit your bid directly to the FDIC.
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Contributor's Note
http://www.printnpost.com/articles/7312/1/VA-Programs-Part-3/Page1.html
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