A VA Real Estate Owned (REO) property can become the possession of the VA after a home is foreclosed and a third party does not purchase at the foreclosure sale. There are many types of VA REO properties available including single family, condos, townhomes and multi-family dwellings. A list can be obtained here.
Both veterans and non-veterans can purchase VA-owned properties. How a property is financed is the buyer’s choice. Often a VA loan is used, and sometimes other means are used to pay for VA-owned properties.
One popular option is the VA Vendee Financing program. The Vendee loan product is offered only to individuals wishing to finance VA REO properties.
Vendee Financing Quick Facts:
If the buyer is VA-eligible, then a military mortgage is a popular zero-down option for financing a VA REO property. Here are some quick VA loan facts:
Though a minimum credit score is not published in either guidelines, both VA and Vendee borrowers must prove to be a good credit risk.
Click here for information on financing a VA-acquired property with a VA loan contact an experienced VA mortgage professional.
VA Specialty Lender
iFreedom Direct®, a top VA-approved lender, has served America's brave men and women by providing quality VA loans since 1996. These zero-to-low down payment mortgages, backed in part by the Department of Veteran Affairs, help eligible borrowers purchase and refinance homes at competitive interest rates. Pre-qualify at www.ifreedomdirect.com or 888-359-3661.
May Day is coming! The next regular, active duty military payday is Thursday, 1 May 2014. This should be a relatively uncomplicated payday, with even unusual early direct deposit policies falling nicely into place on the calendar. One Business Day Early The most common early direct deposit offer is where the bank (or credit union) credits […]