Asked by Steve O
You can use a VA loan for a foreclosure which is decent condition or to be more specifically in livable condition. The biggest issue buyers have come up against is that VA does require that the electricity be turned on and I always make sure that the home has the water on as well.
VA provides one of the few 100% financing programs currently available in a declining market area. Even though the conventional VA loan limits are still set at $417,000 in today’s Northern Virginia market that limit goes much farther than it did in the past. VA does provide jumbo loans for eligible active duty and retired personnel who may be looking for something just a bit bigger.
If you want to buy a property that falls into the “wreck” category or need lots of work, then you might be better off with an FHA 203 (k) loan so you can get the money you need for repairs in your loan. You can find more details regarding FHA 203 (k) loan.
If not sure whether you are eligible for a VA loan?
VA Loan Eligibility Requirements
Need to request your VA Certificate of Eligibility?
VA Form 26-1880
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