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Buying a Home With a VA Mortgage: What You Should Know



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By : Jerry Clifford    99 or more times read
While many home buyers are snatching up deals from the pool of foreclosures, many military personnel are discovering some problems with trying to benefit from the deals that can be had in the foreclosure market.

Due to the limitations on VA mortgages and the prevalence of vandalism and poorly maintained homes on the foreclosure market at present, there are many homes that home buyers who're hoping to use VA mortgages to buy a home are not able to purchase. Many real estate agents are claiming that banks are overlooking offers made by buyers who are looking to make purchases with VA mortgages in favour of investors' cash offers. Other, less convincing claims are also circulating that banks are looking on cash offers so they can cut down on the number of loans that they hold that are tied to government agencies.

However, most of the problems with home buyers trying to purchase foreclosures with VA mortgages do, in fact, seem to come back to many of the issues with foreclosure homes qualifying as purchasable under the conditions of the loans. Due to the emotional state of many home owners who have their homes foreclosed on, many bank owned homes are in a horrible state of disrepair and tragically vandalized.

Homes that do not qualify for the VA's stringent home condition requirements are usually not pointed out as such to home buyers, leaving many of them uncertain as to why their bids for homes aren't accepted. Some advertising will point out that certain listings will not qualify for VA mortgages however.

For many military personnel and veterans alike, the best option really seems to be that of pursuing the regular real estate market for homes not in distress. The banks are not so quick to favour cash bids for them over mortgaged offers as they are with foreclosure sales, so buyers with VA mortgages making offers have a better chance of success when buying these homes.

In an ideal world it would be easy for any deserving buyer to purchase a home, but in reality there are rules and regulations that go along with any purchase that requires a loan to complete. When you accept that the AV mortgage restrictions are in place to not only protect the home buyer but also the mortgage lender, the rules become a little more understandable and acceptable.
Jerry Clifford has received the prestigious 100% Club award for his success as a real estate agent in the Minneapolis real estate area. He is certified as an ePRO and prides himself on attention to detail. If you need help in your search for Lake Minnetonka Minnesota real estate, visit JerryClifford.com.

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