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VA Foreclosure Vendee Financing Update

By
Real Estate Agent with United Country Premier Properties TX 482380

Hello out there, everyone.  I just wanted to float this out there and see if any of you have heard any news.  For those of you familiar with VA foreclosures, you know that prior to Countrywide taking over, VA vendee financing was one of the greatest tools available to get these properties sold...especially to investor buyers.

Today I heard that VA is bringing back vendee financing.  Have any of you heard the same thing?  What I heard was that it will be on certain properties in the beginning.  That's fine, I'd just be thrilled to know that VA vendee financing as once again available for Va foreclosures.

By the way, for those not familiar with the program, the key points that make it so desirable for investors is 5% down payment (non-owner occupied) or 0% down payment for owner occupants, very competitive rates, and somewhat lower closing costs (no appraisal, survey, or title policy required).

 

Richard W Overall Jr

Realtor

www.OverallRealtor.com

 

Comments (3)

Dale Baker
Baker Energy Audits and Commercial Properties Inspections - Claremont, NH
New Hampshire Relocation Real Estate Information

Howdy there Richard

I had not heard anything about this, untill I read your other post about it. Thank you for posting the info about it.

I'll be e-mailing you for a copy of the flyer, you have posted.

God Bless America

Apr 04, 2009 02:16 PM
Anonymous
Chris

I have used Vendee in the past and have been trying to get realtors in my area (Denver) to let me know if it is available on various VA properties, but they don't seem to know anything about it.  Please post if you find out anything!

Thanks,
Chris

robynbobbin99@hotmail.com

Apr 08, 2009 10:20 AM
#2
Colorado Springs Real Estate - James Chiga
Morning Star Real Estate - Colorado Springs, CO

In the past few days, I have seen a couple of VA Repo listings that indicated Vendee Financing was available.  I had been told by Countrywide employees that it would be available at some point, after they felt that the inventory management was under control.

It would be a great tool, particularly for investors, since other financing options are few...

Apr 17, 2009 10:35 AM