VA Vendee Financing: A Reader Question
A reader asks, “There used to be a Vendee loan program that a Veteran or even Non-Vet to aquire property. What programs are currently available for Vets? Are there limits on how many properties a Vet investor can have to get loans? What vendors offer these loans?”
It’s true that the Department of Veterans Affairs has offered this program in the past. The VA official site features a fact sheet on the VA Vendee Financing program which includes the following information:
“• 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.
• Low Interest Rates
• $2500 origination fee includes: credit report, tax service, flood certificate and closing costs.
Vendee financing is a loan product offered to purchase VA Real Estate Owned Properties. Vendee financing is offered to both veterans and non‐veterans.”
However, the VA Vendee Financing program was suspended a while ago after it was decided to change the program and find a new company to service it. Unfortunately, Vendee Financing is, according to the information we could locate on the VA official site, still in limbo. The most recent information on VA Vendee Financing is dated from August 2012, and states:
“As the Department of Veterans Affairs (VA) transitions the REO Portfolio to Vendor Resource Management (VRM) vendee financing will not be available. Please check back for updates to the status of vendee financing.”
Borrowers who are interested in the status of VA Vendee Financing are encouraged to contact the VA directly for more information at 1-800 827-1000.
Do you have questions about VA home loans? Ask us in the comments section.
About Bruce Reichstein
Experienced VA Loan Mortgage Banker specializing in Military Mortgage lending to US Veterans for over 24 years. (www.VALoans.com). Expert in VA Jumbo Home Loans greater than $417,000 which go up to the maximum 2012 county limits as defined by the Veteran's Administration. Thousands of loans to High Ranking Military Officers, DOD Employees, Airline Pilots and many other Military Heroes who qualify. Welcome opportunities pertaining to online military ventures.