As Your REO/FORECLOSURE SPECIALIST, Margie can assist investors and buyersÂ with a great financing program called Vendee Financing.
Vendee Financing is a loan product offered to purchse VA Real Estate Owed (REO) Properties. Vendee Financing is offered to both Veterans and Non-Veterans. Some of the guidelines are listed below:
â€¢Seller may contribute up to 3% of the contract sales price in order to pay for closing costs (including the $2500.00 origination fee), prepaid and other expenses.
â€¢Vendee mortgages are assumable by qualification.
â€¢Vendee financing is not a credit score driven product.
â€¢There are two available terms, a 15 and 30 year fixed rate.
â€¢There is a VA funding fee of 2.25% which cannot be included in the Seller concessions.
Non-Owner Occupied purchase:
â€¢ Investors must have experience managing rental properties in order to include anticipated rent on subject property in underwriting.
â€¢ No maximum number of investment properties.
â€¢ Can be financed with as little as 5% down. Investors may use 75% of anticipated rent based on appraiser's estimate to offset the subject property monthly payment.
Owner Occupied Purchase:Â
â€¢ Can be financed with as little as 0% downÂ