va reo: VA Loan Reader Question: What Happened to VA Vendee Financing?
- 07/06/12 12:08 AM
A reader recently asked, “Any word on when the VA Vendee Loan program will return?” When homes purchased with a VA guaranteed mortgage loans go into foreclosure, the Department of Veterans Affairs ends up owning these properties and later putting them up for sale to offset the costs of the loan default and foreclosure. When these properties go back up for sale, they are offered with an option to apply for a VA financed loan, available to any qualified borrower–not just veterans. This program is known as Vendee Financing. But services under the VA Vendee Financing program have been interrupted, as … (4 comments)
va reo: VA Loan Reader Question: VA REO Homes
- 01/23/12 12:20 AM
Over the weekend, a reader left the following in our comments section: “Is there a way to obtain a list of VA assumable home loans, and or is there a site for VA foreclosures?” VA home loans are assumable, which means the borrower may allow another person to take over payments and have the property transferred into the new owner’s name. Loan assumptions are done on an individual basis, so unlike foreclosures and VA Real Estate Owned (REO) properties, if you Google “VA loan assumptions” you’ll find no central database for homes up for loan assumption. For all VA insured loans … (0 comments)
va reo: Buying a VA REO Home
- 07/06/11 03:26 AM
The Department of Veterans Affairs offers foreclosed homes, also known as REO homes, for sale to veterans and civilians alike. Since the VA insures mortgages under the VA loan program, if the property goes into default and foreclosure, the VA recoups its losses by selling the foreclosed home. The VA doesn’t lend money directly–it works with participating lenders–and it also does not sell its REO homes directly. For that, the government has contracted a company called BAC Home Loan Servicing, which is responsible for listing and selling VA REO homes. Buyers can locate a VA REO home through BAC (see the link at the end … (2 comments)
va reo: VA REO: An Option for Vets and Non-Vets Alike
- 11/16/10 03:21 AM
Real estate pros and lenders know that REO stands for Real Estate Owned properties; a home that has been foreclosed on, put up for auction, and purchased by the bank is there was nothing offered higher than the minimum auction bid. The lender has taken back the property and chances are the home needs some work in the aftermath of the foreclosure. The Department of Veterans Affairs has a program that specifically addresses REO properties that were originally purchased with VA mortgages. These foreclosed homes do go back on the market and the VA offers a program called Vendee Financing to … (1 comments)
A reader recently asked, “Any word on when the VA Vendee Loan program will return?”
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