My friend Angella Raisian, who is always on the cutting edge of info (check out her blog ), just published this great information….
VA Vendee Financing Program offers 5% down financing for Real Estate Investors, and is now administered by the Bank of America. It used to be called the VA Repo, or OCWEN program.
If you have access to the MLS, search for “veteran” in the seller name to match Department of Veteran Affairs. Another hint is if it is a foreclosure and you need a pre-approval letter from BoA. You can do MLS search on my website at BankRepoBusTours.com. Find properties & pre-approval info at:
- Any purchaser can apply for Vendee Financing. You do not have to be a Veteran
- Vendee Financing is available for non-owner and owner occupied buyers
- 4.5% Interest Rates a of today
- The seller may contribute up to 6% of the contract sale price for closing costs
- 2.25% VA Funding Fee
- No pre-payment penalties
- An appraisal is not required for underwriting
- Seller may contribute up to 6% of the contract sales price to pay for funding fee, closing costs, prepaid and other expenses
- Vendee Financing is not a credit score driven product
- Vendee mortgages are assumable by qualification
- There are two available terms, a 15 and 30 year fixed rate
- Can be financed with as little as 0% down. The loan amount may be increased up to 2% to finance closing costs, prepaids or other expenses. Funding fee may not be financed
Non-owner occupied (Investors) buyers only:
- No maximum number of investment properties
- Can be financed with as little as 5% down. Investors may use 75% of anticipated rent based on appraiser’s estimate to offset against the subject property monthly payment
- Investors must have experience managing rental properties to include anticipated rent on subject property in underwriting
For vasic VA Vendee Program, go to the previous post called VA Vendee Financing Program Offers 5% Down for Investors.
Any other facts & data I might’ve omitted?