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Purchasing
VA Acquired Homes
Each
property listed by the VA will have one of the four following
codes:
Code
"A"
Homes with an "A" code are typically the better
properties in the inventory. The "A" signifies
that these properties are eligible for any type of
financing. This includes an FHA 203(b), VA guaranteed
financing for veterans, conventional financing, VA vendee
financing (for veteran and non-veteran owner occupant buyers),
and all cash buyers.
Code
"C"
Only all cash buyers are allowed to purchase these
properties. VA will not accept any type of financing on a
property coded "C". Furthermore, a buyer must
close on the sale within 30 days of the approval of the bid.
Code
"T"
Properties with this code are available for purchase with only two
financing options: 1) VA vendee financing or 2) all cash.
The VA will not accept any other financing on a home with this
code. Closing must occur within 22 days of approval for
buyers with VA vendee financing or 30 days for all cash
buyers.
Code
"X"
These properties are eligible for the following financing types
only: 1) FHA 203(k), 2) VA vendee financing, 3) Conventional
"As-Is" financing, or 4) all cash. These
properties do not, however, qualify for VA guaranteed financing or
FHA 203(b) loans.
As
mentioned before, VA acquired homes do not include any
warranties. Furthermore, it is important to note that lead
based paint and/or asbestos may be present in some properties.
However,
VA grants a 10 day period to the buyer to inspect for lead-based
paint and other hazards. It is the responsibility of the
buyer to pay for the certified home inspector (though not
required).
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