Hidden home deals in Omaha. VA foreclosures in Omaha can be jewels for home buyers and investors. There are not a lot of VA foreclosures on the market and not all will offer VA Vendee financing. However, from time to time, the VA will offer Vendee Financing to assist both home buyers and investors in purchasing a VA foreclosure. Vendee Financing can be a great deal. If you plan to owner occupy the home, they will finance up to 102% of the purchase price, along with contribute up to 6% towards a buyers closing costs. If you are an investor, they will lend 95% of the purchase price.
Now the costs can be expensive, there is a funding fee of 2.25%, processing fee ($1,500), and they don't split any title charges. The bonus to these loans is the fact there is no monthly mortgage insurance and the interest rate is currently set at 4.5% for a 30 year mortgage.
Interested in buying a VA foreclosure in Omaha, visit my website www.OmahaRealtyPro.com
To get pre-approved for a VA Vendee Loan Program, send me an email and will refer you to Senior Loan Officer at Bank of America, serving all of the United States.
Steve Lauver, Omaha Real Estate Agent
Deeb Realty
Bank of America Home Loans
VA Vendee Loan Program
-100% Financing for Owner Occupied Purchases
-95% Financing for Investment/Second Home Purchases
-No Monthly Mortgage Insurance
-VA Set Rate-Currently 4.5%**
-15 or 30 Year Fixed Rates
-No Appraisal needed. Property can fund in as is condition.
-No Title Insurance Required***
-The seller can contribute up to 6% in seller concessions towards closing costs and pre-paid expenses.
-The borrower can finance in an additional 2% in closing costs or prepaid expenses into the loan.
-No limit on the number of financed properties
-Program available on qualified VA REO properties only
-The property must have a contract sales price and base loan amount of $30,000 or higher to qualify.
-The applicant does not need to be a veteran to qualify for this type of financing.
**As of August 31, 2009. Rates are subject to change at any time.
***VA legal will determine good title and issue a title opinion prior to closing. Exception: To expedite a closing, or to insure over potential title problem(s), or when a title opinion is inadequate, the VA may require a Lender's Title Policy. Borrower may purchase an optional owner's title policy.
-Guidelines and product details are subject to change.
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