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Can I Make An Offer On a Foreclosed Home?

by Joseph S.
(Wilmington, NC)

My wife have been searching for a home to purchase for several months in North Carolina, close to the Wilmington area. We finally found a home that we both would enjoy owning. I am an 100 percent disabled veteran. My wife has been employed as a surgical nurse for 38 years.

Our problem that this home is a foreclose. The home has been appraised at approx., at $300,000.

We would have do a little work to it but it is livable. I have never used my V.A. benefit to secure a home loan.

Our question is . . . Can we make an offer on this home with the emphasis of obtaining a V.A. loan?

If so how do I go about it? Who do I need to talk with? Who can help us in obtaining this type of loan.

Sincerely,


Joseph S.

=====ANSWERS=====

Hello Joseph,

Thank you for visiting my site and asking your questions. I will do my best to help you.

Since you stated that you're 100% disabled, then you should qualify for the no funding fee loan. This will save you $6,450 right off the start based on a sales price of $300,000. Furthermore you will not have to come up with a down payment.

So you still have closing costs involved which the seller can help with up to 3% of the sales price or $9,000.

If this is done right, you should be able to do this with little or no money out of pocket. I did this several times for Vets when I was in the loan business.

Now you did not state what kind of disability you have. If you're confined to a wheelchair because of the loss of use of your legs and need to remodel the home to make it handicap accessible, VA has loan grants for this as well.

You will need to get a certificate of eligibility first. You can contact the VA office that handles North Carolina at:

Atlanta VA Regional Office
1700 Clairmont Road
Decatur, GA 30033

Eligibility Center Mailing Information
Atlanta Regional Loan Center
ATTN: COE (262)
P.O. Box 100034
Decatur, GA 30031

Phone: 888-768-2132

Be sure to ask about the Specially Adapted Housing (SAH) Grant if your disability has you in a wheelchair and is service related.

SAH grants help Veterans with certain service-connected disabilities live independently in a barrier-free environment.

Once you have your certificate of eligibility, now you may want to get pre-qualified for a loan and then find a good Realtor that understands VA home loans and how they work.

Just ask questions and lots of them. They will be working for you so be sure they can help you structure the offer to purchase so as to take full advantage of the VA loan program.

Make sure you have an exit clause in case you cannot get the VA home loan. I do not know your credit situation so things may be less than perfect. I'm thinking if your wife has worked for 38 years as a nurse, your credit should be in decent shape.

The biggest potential obstacle may be the seller. If the home is in foreclosure, you may be dealing with a bank as the seller. You want to find out if they are willing to sell it using a VA home loan.

If they are not willing to do this, well your search continues.

VA home loans require inspections and appraisal to determine value.

If the house passes the inspection and appraises for the sale price, well you should be well along the way.

Hopefully this helps. Please feel free to ask any other questions in this blog. Also, if you feel my website is helpful, can you share it with your friends and family by liking us using the share buttons on the left side of the page.

Kind Regards,

Jeff Ragan

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