VA Vendee--My learning experience with this loan program--Part 2 of 3 for Investors

By
Real Estate Agent with South Metro Property Management, LLC

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.country 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. 

Comments (4)

Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

Karen,

I clicked the link for the pdf document, but it didn't work.  I waited awhile and tried again, but no joy.

Mike in Tucson

Nov 14, 2009 08:24 PM
Karen Luke
South Metro Property Management, LLC - McDonough, GA
Henry County Real Estate

Hmm. I'll fix that. Thanks.

Nov 15, 2009 07:08 AM
Karen Luke
South Metro Property Management, LLC - McDonough, GA
Henry County Real Estate

I don't know how that link broke, but it is fixed now.

Nov 15, 2009 07:14 AM
Anonymous
pdreher

Karen,

     would like to know what your professional opinion is of the VA Vendee progam now, Your comments were helpful,but they are several years old do you have any current information?  I purchased a investment property several years ago thru this program, it was a long process. Am considering a second purchase thru vendee. Any information would be helpful.

Jan 19, 2012 02:35 AM
#4