Many individuals or couples looking for homes to purchase are checking into VA foreclosure property for sale. This type of property can often be purchased at a bargain price, in spite of the home being worth much more. VA home mortgages are mortgages made available to Veterans. Banks usually offer these loans to Veterans at a lower interest rate and better terms because the Department of Veteran Affairs (VA) guarantees them.
The VA guarantees that they will cover the balance of the loan in the case that the Veteran fails to make the promised payments. Unfortunately, many VA loans still wind up in default because the Veteran can no longer afford to meet the monthly payments.