va repo: 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 repo: What Does VA REO Mean?
- 07/06/11 02:36 AM
The Department of Veterans Affairs insures home loans for veterans through its VA Loan program. Since the VA doesn’t lend money directly to veterans, it offers loan insurance–promising participating lenders that it will pay a percentage of the loan back to the bank if the borrower defaults or goes into foreclosure on the mortgage. No real estate loan program can boast a 100% success rate–some borrowers do wind up going into default and foreclosure in spite of the best efforts of the VA to lend help when the time comes. Because of this, the Department of Veterans Affairs winds up taking ownership of the … (1 comments)
A reader recently asked, “Any word on when the VA Vendee Loan program will return?”
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