![]() The USDA's Rural Development division is tasked with helping citizens of rural areas get the mortgage loans they need to buy homes. Department of Agriculture (USDA) Rural Development VA homes are commonly found in areas with a significant military population or presence, but they exist all over the country as well, and can offer fantastic deals. However, VA foreclosure sales are available to any buyers, whether they are a veteran or not. Many buyers tend to overlook VA homes, because of the common misunderstanding that they are only for veterans. And like any other lender, they are often responsible for selling foreclosures. As their name implies, they specialize in providing discount mortgage rates to veterans of the U.S. The VA department is another significant government mortgage sponsor. They are one of the most attractive government foreclosures available for purchase. There are no restrictions on purchase, and anyone who has the money or financing can buy a HUD home. ![]() HUD homes can be from 1 to 4 units in size, so they can be good opportunities for both buyers looking for a primary residence and investors looking for multi-unit rentals. As a prominent mortgage lender, they also have to deal with a great amount of foreclosures, and HUD home auctions and foreclosure sales are quite common as a result. Every year, HUD helps hundreds of thousands of homebuyers secure mortgages at special rates, based on their qualifications for government assistance. One of the most common sources for government foreclosures is HUD. Best of all, government foreclosures offer some of the lowest prices on real estate buyers will find, and can be great opportunities for saving money and making great investments. Government foreclosures are sold every day across the nation, and are a key element of the U.S. Marshall's office or Homeland Security department may sell property seized due to criminal activity. Many homes are repossessed and sold by the Internal Revenue Service (IRS) due to tax debts. Of course, there are other reasons government foreclosures are sold as well. However, when a homeowner defaults on their mortgage, these agencies will have to repossess their property and sell it in order to get back the money lost on the unpaid loan. ![]() Several government agencies, such as the Housing and Urban Development Department (HUD), the Federal Housing Authority (FHA), the Veteran's Affairs department (VA), offer mortgages to citizens at special rates. In some cases, a property owner may have obtained a government-sponsored mortgage loan to buy real estate. Government foreclosures are residential properties that have been repossessed and put up for sale by a government agency.
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