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Veterans Affairs’ (VA)
Vendee Financing Program
T
he U.S. Department of Veterans Affairs’ (VA) has re-opened Vendee
Financing to purchasers of Vendee eligible VA REO Properties.
VA Vendee Financing
Vendee financing is a loan product offered to individuals to help
finance the purchase of VA REO Properties. Vendee Financing will be
offered to both veterans and non-veterans. Some of the guidelines are
listed below:
•
Seller may contribute up to 6% of the contract sales price to pay
for funding fee, closing costs, prepaid and other expenses.
•
Vendee mortgages are assumable by qualification.
•
Vendee Financing is not a credit score driven product.
•
There are two available terms, a 15 and 30 year fixed rate.
Owner Occupied purchase:
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Can be financed with as little as 0% down. The loan amount
may be increased up to 2% to finance closing costs, prepaids or
other expenses. Funding fee may not be financed.
Non-owner Occupied purchase:
•
Can be financed with as little as 5% down. Investors may use
75% of anticipated rent based on appraiser's estimate to offset
against the subject property monthly payment.
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Investors must have experience managing rental properties to
include anticipated rent on subject property in underwriting.
•
No maximum number of investment properties.
TO VIEW VA REO PROPERTIES, VISIT VA.REOTRANS.COM. FOR MORE
INFORMATION OR FOR A FREE PRE-QUALIFICATION, PLEASE CALL
800.816.4346
TO SPEAK WITH A QUALIFIED VENDEE REPRESENTATIVE.
VA Vendee Quick Facts
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Any purchaser can apply
for Vendee Financing. You
do not have to be a Veteran.
•
Vendee Financing is available
for non-owner and
owner occupied.
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Low Interest Rates
•
The seller may contribute
up to 6% of the contract
sale price for closing costs.
•
2.25% VA Funding Fee
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No pre-payment penalties.
•
An appraisal is not required
for underwriting.
Non-owner occupied only:
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No maximum number
of investment properties
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