VA Homes and Home Loans VA stands for U.S. Department of Veterans Affairs. To get a home loan through the VA, you must have served in one of the branches of the Armed Forces. How does this concern the non-veteran? Simple: When a veteran defaults on a VA backed loan, the VA pays off the mortgage, assumes title to the property and then liquidates it. Anyone can buy a VA owned home. The Differences Between HUD Homes and VA homes Homes owned by the VA are almost always in better shape than those owned by HUD. It is a simple matter of demographics; HUD through the FHA will loan to almost anyone, while the VA is very exclusive. There tend to be far fewer VA homes available in relation to HUD homes as a result of the limited applicants, but VA homes can still be found for sale in almost every market in the U.S. Dealing with the VA is completely different than dealing with HUD. The VA does not have an auction process. They have an offer process, much like that of a private owner. The difference is, the VA is a motivated seller. They are not looking to cash in on equity like a private owner is. |
