Jan is correct. Vendee loans, though covered by the VA, is not a VA loan.

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.

Jan

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.

Steve Ferguson

i believe that you can only have 1 VA loan at one time and it is for personal residence not for investment properties.

Bruce, I am a real estate broker in Jacksonville NC (Camp Lejeune). There is a difference in a VA Loan, and a VA Vendee loan. A VA loan, is one in which a member of the Armed Services (past or present) can use as one of the benefits of having served in the military. The VA loan is not obtained thru the government;it is BACKED by the government. Sort of like, the Veteran's Admin, "co-signs" for the borrower. A VA loan can be obtained thru lenders such as Countrywide, etc.

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.

Good Luck. If I can help let me know. jmorton17@ec.rr.com

Margaret

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.

Have the rules changes, I was told there was a total you could borrow and if the one loan was for a small amount then you could have another - but yet that was 100 years ago LOL>
Margaret

Based on current VA guidelines you can only have one VA loan at a time. If the buyer decided to refinance his existing home into some other program besides VA then you would be fine. The down side of this is he/she will have closing costs with the refi and the VA funding fee will be higher on the new purchase.

On a side note you can have more than one FHA loan as long as the propeties are greater than 50 miles apart.

Steve Ferguson