Foreclosures Sales Programs of HUD and VA Tweaked for Buyers

The foreclosures sales programs of the Departments of Housing and Urban Development and Veterans Affairs have been tweaked and fine-tuned to entice more buyers and ultimately cut down the real estate holdings of the HUD and the VA. The number of HUD foreclosures has been soaring because more and more Americans are using home loans guaranteed by the Federal Housing Administration to purchase homes, and out of these borrowers, many have been defaulting on their loans. According to FHA reports, about 30 percent of newly originated home loans are guaranteed by FHA. A huge majority of mortgage loans taken out by first time buyers are also guaranteed by FHA.

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