fha home loans va: Government Backed Loan Guarantees in Virginia
- 07/17/17 08:19 AM
There are two primary loan types available today for properties located in Virginia, conventional and government-backed. Conventional loans are those where the lender assumes all the risk for approving a loan. If a lender approves a conventional loan and the loan ultimately leads to a default and the borrowers are foreclosed upon, the lender takes full possession of the property. The lender will typically attempt to sell the home at an auction and if that fails it goes back into the lender's inventory of foreclosed homes and ultimately listed for sale. Government-backed loans carry a level of guarantee based upon the … (0 comments)
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There are two primary loan types available today for properties located in Virginia, conventional and government-backed. Conventional loans are those where the lender assumes all the risk for approving a loan. If a lender approves a conventional loan and the loan ultimately leads to a default and the borrowers are foreclosed upon, the lender takes full possession of the property. The lender will typically attempt to sell the home at an auction and if that fails it goes back into the lender's inventory of foreclosed homes and ultimately listed for sale. Government-backed loans carry a level of guarantee based upon the … (0 comments)
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