VA Foreclosures: 5% Down Payment at 4.5% interest rate (see below for properties)
VA Foreclosures is how I got my start in long-term real estate investing 15 years ago. The VA has recently opened up their special financing to non-military borrowers. All VA Foreclosure homes are sold "AS IS". We screen through the VA Foreclosures for the best properties in the best areas, and only need cosmetic repairs.
There is a very limited pool of available VA Foreclosure properties and they are purchased through a bid process. These properties are purchased very quickly, especially because of the VA financing. (scroll down to see available properties)
Benefits of VA Financing:
* 5% down payment with no PMI (Private Mortgage Insurance)
* Current Interest Rate: 4.5% - 30 year fixed rate mortgage (rates subject to change)
* Available for non-owner occupied properties (1-4 unit only)
* No limit on the number of mortgages carried by the borrower
* Minimal Closing Costs with seller concessions up to 6%
How to bid on a VA Foreclosure:
Step 1: Get a Pre-Qualification Letter. The VA requires a pre-qualification letter at the time of bid from their approved lender, Bank of America. You must also use B of A for the VA loan. Contact our VA expert:
Daniel Frugé - Bank of America, VA Vendee Financing Specialist
STEP 2: Decide on the properties you would like to purchase and call or e-mail me with the property address. These properties are typically purchased within 1-2 days so you will need to be prepared to make quick decisions.
STEP 3: A Purchase Contract will be prepared and submitted with a copy of your earnest money check. If you win the bid, you will have 7-10 days for due diligence and loan approval.
*All figures below are estimates only. Borrower agrees to do their own due diligence.
VA Foreclosure properties are purchased too quickly to put them on our website. Below are a few examples of VA Forelcosures. Please send us an e-mail and request to be put on our VA HOTLIST.
There is a very limited pool of available VA Foreclosure properties and they are purchased through a bid process. These properties are purchased very quickly, especially because of the VA financing. (scroll down to see available properties)
Benefits of VA Financing:
* 5% down payment with no PMI (Private Mortgage Insurance)
* Current Interest Rate: 4.5% - 30 year fixed rate mortgage (rates subject to change)
* Available for non-owner occupied properties (1-4 unit only)
* No limit on the number of mortgages carried by the borrower
* Minimal Closing Costs with seller concessions up to 6%
How to bid on a VA Foreclosure:
Step 1: Get a Pre-Qualification Letter. The VA requires a pre-qualification letter at the time of bid from their approved lender, Bank of America. You must also use B of A for the VA loan. Contact our VA expert:
Daniel Frugé - Bank of America, VA Vendee Financing Specialist
- 800.850.7655 ext. 1450713
- daniel.fruge@bankofamerica.com
STEP 2: Decide on the properties you would like to purchase and call or e-mail me with the property address. These properties are typically purchased within 1-2 days so you will need to be prepared to make quick decisions.
STEP 3: A Purchase Contract will be prepared and submitted with a copy of your earnest money check. If you win the bid, you will have 7-10 days for due diligence and loan approval.
*All figures below are estimates only. Borrower agrees to do their own due diligence.
VA Foreclosure properties are purchased too quickly to put them on our website. Below are a few examples of VA Forelcosures. Please send us an e-mail and request to be put on our VA HOTLIST.
VA Foreclosure: Ft. Worth, TX (SOLD)
Price 87,900 Down Pmt % 5% 10%
Down Pmt $4,395 $8,790
Comps $104,000 Closing Costs $2,637 $2,637
Est. Repairs $7,000 $7,000
Sq. Ft. 1898 Cash Outlay $14,032 $18,427
Age 2005 Monthly Rent $950 $950
Mortgage $423 $401
Bed/Bath 3/2 Operating Expense $449 $449
Rent Range $950-$1050 Cash Flow $78 $100
Down Pmt $4,395 $8,790
Comps $104,000 Closing Costs $2,637 $2,637
Est. Repairs $7,000 $7,000
Sq. Ft. 1898 Cash Outlay $14,032 $18,427
Age 2005 Monthly Rent $950 $950
Mortgage $423 $401
Bed/Bath 3/2 Operating Expense $449 $449
Rent Range $950-$1050 Cash Flow $78 $100