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2016 Kings Dominion Military Discounts

In addition to discounted tickets that may be available through your installation’s ticket offices, Kings Dominion amusement park in Virginia has two upcoming promotions that...

Veterans' Mortgages sponsored by Veterans First Mortgage

Military Real Estate Opportunity: VA-owned Properties for Sale

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:

  • Military and civilian buyers alike can apply for Vendee Financing
  • Owner occupancy and non-owner occupancy allowed
  • Homes to be owner-occupied can be obtained with as little as zero down
  • Non-owner occupancy requires 5% down or more and property management experience
  • Seller can pay up to 6% of the sales price in closing costs
  • VA Funding Fee is 2.25%
  • No private mortgage insurance
  • No pre-payment penalties
  • Appraisal is not required for underwriting
  • Vendee Financing can be obtained directly through the Veterans Administration
  • For non-owner occupancy, there is no limit to the number of investment properties
  • Assumable 
  • Vendee financing has 15- and 30-year fixed-rate terms
  • VA REO properties are sold “AS IS” at or below fair market value

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:

  • Zero money down within conforming loan limits
  • No private mortgage insurance
  • No pre-payment penalties
  • VA Funding Fee from 0% to 3.3%
  • VA loans are made by approved lenders
  • Owner occupancy required
  • Assumable
  • VA appraisal required
  • Up to 4% of closing costs may be paid by seller

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.

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VA Specialty Lender

Veterans First Mortgage®, is dedicated to serving the military community with government-backed loans. For over 30 years, the people at Veterans First have built a track record of quality VA and FHA lending. Specializing in serving Veterans, the company provides expertise, signature customer-first service and competitively low rates for purchase and refinance. Start your loan at www.VeteransFirst.com or 888-359-3661. Veterans First Mortgage®, NMLS #3122

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