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
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