Last week I wrote the first in a three part series to share what I learned about the VA Vendee loan program from the Veterans Administration. I decided to write these posts because I found so little on the loan program when I did my research. It was a long and lonely road.
To back up a bit let me first explain that my buyer insisted on using this loan program in the purchase of her home in a nearby county. She was very insistent on getting this loan.
If you are an investor, and you want to explore this loan program, below are a few points to consider when shopping for loans so that you can snap up the bargains that are waiting for you out there.
- You don’t have to be veteran to qualify for the VA Vendee program.
- It is available only through Bank of America.
- You do have to purchase a VA Vendee approved property
- Can be financed for as little as 5% down Investors must have experience managing rental properties to include anticipated rent on subject property in underwriting—you will need to call to see what qualifies as enough experience
- There is an appraisal unlike the owner-occupant VA Vendee loan which does not require an appraisal.
Click here for the pdf document that the VA has posted regarding this loan program. It also includes a toll free number for help.
Am I promoting this loan program? Not really. Just sharing the information that I found. Going through this loan program with my buyer was not all roses as I said in the first post. There were definitely some frustrations along the way. They said she was approved and then later said no she wasn't approved. And finally, she was approved. She got a very competitive rate minus a few strands of hair. In the end good things come to those who are patient.
For a list of VA properties in the Atlanta area, email me at karenluke@kw.com.
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