|
|
|
|
|
|
|
What is sold The Department of Veterans Affairs ( VA) operates several programs to benefit veterans and members of their families. One of these programs is the Guaranteed Home Loan Program. If a veteran homeowner defaults on a VA-guaranteed loan, the veteran's lender for ecloses the loan and, in most cases, VA acquires the property after foreclosure. VA then sells these properties, which include single-family homes, townhouses, and condominiums, to the public through its nine regional loan centers and 36 regional offices. How VA-acquired properties are sold Properties are offered for sale to the public at fair market value and sold to the offeror whose bid provides the highest net to VA. Offers may be submitted through any licensed real estate broker who participates in VA sales programs. These brokers can answer questions about VA sales procedures and show properties to prospective purchasers. How properties are advertised VA regional offices advertise properties for sale to the general public either by direct mailings to local sales brokers or by listing properties in local newspapers. Information on properties or on the program in general may also be available on regional office telephone information systems and/or bulletin boards. Some regional offices have established websites that can be accessed through VA's Veterans Benefits Administration website at www.vba.va.gov. Special restrictions/conditions You do not have to be a veteran to purchase these properties. VA-acquired properties may be purchased by veterans, non-veterans, owner occupants, and investors. Terms and conditions of sale, which vary from property to property, are included in property sales listings. Consult the VA's Home Loan Guaranty Services website at www.homeloans.va.gov. Contact the VA regional office nearest you. Look for VA under the "U.S. Government" listings in your local telephone directory or call toll-free 1 (800) 827-1000. |
|
|
|
|
|
|
|
Get the Savvy Consumer Newsletter! (FREE)
|
|
Department of Veterans Affairs