The VA Vendee Loan program is for properties that have gone into foreclosure, and are actually loans given by the Veteran's Admin. The administration still has to approve the loan based on the usual criteria such as credit history, income, and debt. Anyone can apply for these loans, whether military or civilian. There is a down payment requirement with vendee financing. You can get more info about these loans at http://www.ocwen.com website, which is the service provider for VA foreclosures.
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There's no limit to how many Vendee loans you can have and it does not effect a veteran's entitlement. You don't even have to be a veteran to get one.
The funding fee is waived if the purchaser is a disabled vet.
As far as I know the same rules apply regardless of VA or Vendee. Please correct me if I am wrong though as I have not seen this in writing only been told verbally.
The rules change daily it seems. You are correct in what you say. There is a certain dollar amount that you could borrow up to and if you could get two properties for that amount then great. Technically this rule still exists but I have yet to see an underwriter allow it. That seems to be the norm today, underwriters making their own guidelines vs going with what is allowed. Hope this answers your questions.
On a side note you can have more than one FHA loan as long as the propeties are greater than 50 miles apart.