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VA Home Foreclosures

Posted by Mark Taylor | Posted in VA Loans | Posted on 15-02-2011

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If you are considering buying VA home foreclosures, VA Vendee Financing may be an option for you. Unlike VA loans, which are guaranteed by the Department of Veterans Affairs (VA) and only granted to U.S. Veterans and their spouses, VA Vendee Financing is available to Veterans and non-Veterans alike. It is also available to owner-occupants and investors.

VA Vendee Financing is not available on all VA repo homes. You can check the VA homes list for the availability of VA Vendee Financing on a particular VA home foreclosure.

Credit scores are not used as a determining factor in VA Vendee Financing approval. You have to have verification of funds for the down payment and submit VA Form 26-6705b Credit Statement of Prospective Purchaser (application). Basically, VA wants to know if you have sufficient income to make the loan payments. You will also need to show you have two years of employment.
Disclosures:

  1. Interest rate is set by the Department of Veterans Affairs. The current rate is 4.5%.
  2. VA Funding Fee, currently 2.25%, is required to be paid at closing. The Funding Fee is calculated on the loan amount not the purchase price. A Veteran who is receiving compensation (or who would be entitled to receive compensation, but for the receipt of retirement pay), or a surviving spouse whose spouse died as a result of service-related disability is exempt form the funding fee.
  3. A $500.00 closing fee will be required to be paid at closing.
  4. Earnest money deposit of $500.00 will be refunded if offer is not accepted. If application is approved and not closed by buyer, earnest money is non-refundable.
  5. All VA repo homes are sold “AS-IS” condition.

There is no limit on the number of VA foreclosure homes you can buy with VA Vendee Financing but you can only have 5 active loans within 6 month period. VA sells Vendee Financing loans to national lenders. If you have 5 active loans and VA sells one than you can apply for another one. VA Vendee Financing has many advantages over traditional financing. If you are planning on buying VA home foreclosures you need to look into VA Vendee Financing! Go to our Quick Rate Quote page to get started!

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