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Home Foreclosures

Va Loan Foreclosure

by Jill Morrison

Va Loan Foreclosure was designed with war veterans in mind. The Va Loan was created in 1944 through the GI Bill Of Rights and was put into law by President Roosevelt. It gave veterans home ownership with no down payments if their homes were federally guaranteed.

Not all veterans qualify for a Va Loan Foreclosure. They must meet the eligibility requirements. Yet, an estimated 30 million veterans are eligible to obtain Va financing.

Va Loan Foreclosure Details

Va loans are established by private lenders including banks, savings and loans, or mortgage companies. The loan guarantees the lender protection from loss if the owner is unable to repay the loan. Since the lender is protected, a down payment is not necessary for security.

A Va Loan Foreclosure guarantees 25% or less of a home loan at up to $60,000. So, the maximum loan amount is $240,000, with no down payment. Any loan amounts that exceed $240,000 will need a down payment.

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