I recently purchased a VA Vendee property as an investment. The process was horrible. My contract was ratified late december and my first closing date was Feb 25, 2011. The lender pre-approved me for 120,000, the contract was only for 76,000. They required a mountain of paperwork including my divorce decree and explainations of any deposit over $150.The processor would never return my calls and it was eventually given to a new processor. Once the new process did an analysis I was told my income was borderline for what was acceptable My closing date was changed three times before I closed Apr 6, 2011. Very frustrating, but you can't beat the rates or 5% down for investers.