HUD does not offer financing for its repos, though many are approved for FHA financing . VA offers very attractive financing terms, including VERY low down payments and low interest, to qualified buyers. The Department of Veterans Affairs administers home loan guarantee programs for veterans. When these loans go into default, Veterans Affairs sometimes acquires the homes through foreclosure. The homes are sold through a competitive bidding process.
Bids are usually open for one week.
This deposit is only returned if the VA rejects the bid or financing request. Interest rates are competitive, down payments are very low and even small loans can carry a 30-year term. They usually require some repair and some require major rehabilitation. The Department of Housing and Urban Development has just implemented its new program for sale of foreclosed properties from the FHA loan program. Like VA homes, you may only place a bid using a registered real estate licensee.