Financing for VA owned properties
Vendee loans are loans to help finance the purchase of VA REO Properties. Vendee financing is available for both veterans and non-veterans. Keep in mind this is for VA REO properties only, but is one of the best loans for investors out there. There have been some changes to the program since last year when it was available. Here are some of the in and outs of the program.
Seller (VA) may contribute up to 6% of the contract sales price to pay for closing cost, prepays and other expenses associated with closing. The funding fee CANNOT BE FINANCED.This loan is not credit score driven and they available for 15 or 30 yr at a fixed rate. The interest rates are very competitive and an appraisal is not required for underwriting. The funding fee is still 2.25%.
Non owner occupied still requires a down payment as low as 5% but there is no maximum amount of investment properties. Since there are slim choices for investor loans this is in my opinion one of the better ones. Here is the contact number to get in touch With a qualified vendee representative from Bank Of America 800-816-4346. They can get you prequalified and then all you have to do is call me and I will help you find the VA property you want.
Here is a handy mortgage calculator for you to get an idea of what your payments will be. Once you determine a price you can afford, I can help narrow down the search and make sure you are making the right decision.