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Ed Leavy

Sales Associate

VA Homes for Sale

The 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

  • 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.
  • Investors must have experience managing rental properties to include anticipated rent on subject property in underwriting.
  • No maximum number of investment properties.

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