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.