Any solid info on VA Vendee financing? Any lenders?

[Alex Winfield]

Just got an inquiry in an REO group I host about a VA Vendee loan. I honestly had no idea what he was talking about, but when he mentioned VA loan"ish" on an investment property for 5% down I figured it was worth a little research. I'm having trouble finding any real solid information, experts, or sources on the subject, so I figured I would reach out to the BP community. Any guidance would be greatly appreciated as I live next to the largest Navy base in the world in Norfolk VA. Keeping fingers crossed for a sweet new tool to add to the investor belt!

Thanks! 
Alex 

[Travis C.]

@Diana Zuniga this program is dead.

[Diana Zuniga]

Originally posted by @Travis C.:

@Diana Zuniga this program is dead.

 Thx @Travis C. Hope it come back soon.

[Travis C.]

@Diana Zuniga yes, it probably will after Covid protocols are over I'm thinking.

[Diana Zuniga]

Originally posted by @Travis C.:

@Diana Zuniga yes, it probably will after Covid protocols are over I'm thinking.

 Thx for the replay, I ll be waiting for it. 

[Jason Crowe]

Im a realtor and i am interested in this program.  the vendor VRM is saying they are the sole mortgage officers and that if your brokerage is registered you can get the loan?

I feel this is false. How can VRM the vendor dictate a federally back loan such as vendee loan.  Let me know what you all have found out about this type of situation.

[Jason Crowe]

Let me know if you have questions about this program. Experienced and in contract as we speak. This program is only specific to the venders with the contract with VA. Have specifics about program if interested.

[Erick Pinzon]

Looks like this is going again. Putting an offer on a house in Virginia Beach and my buyers will likely be applying through United which is listed as the mortgage company. I'll update with how things go. Fingers crossed

[Jason Crowe]

I just did this though United.

[Alex Winfield]

Originally posted by @Erick Pinzon:

Looks like this is going again. Putting an offer on a house in Virginia Beach and my buyers will likely be applying through United which is listed as the mortgage company. I'll update with how things go. Fingers crossed

Erik, please let us know how it goes and if you get anywhere with the Vendee program.  I think I might have started this thread a couple of years back and am in VB as well, so interested to see if its getting any footing.

Sounds like some have had success with it, so I guess I gotta get back on the hunt for them. Seems like I'm starting to see some more foreclosures pop off, so will hopefully be some more VA Vendee opportunities along with them.

Good luck! 

Best Regards,
Alex  

[Erick Pinzon]

Agreed I'm going to watch out for them. Could be a cheap way to get a no money down rental :-o

We put in an offer on Blairmore today for $5k over asking. Fingers crossed. 

[Jason Crowe]

Erik i have done multiple of these deals and if you would like to talk about specifics let me know.  Im very experienced with these and I know loan wise what to watch out for as well.

[Zacharee Carmack]

Quote from @Jason Crowe:

Erik i have done multiple of these deals and if you would like to talk about specifics let me know.  Im very experienced with these and I know loan wise what to watch out for as well.

Jason i would like some more info on this. Im trying to find a rental and info is very limited as you know. 

[Jose Hernandez]

Quote from @Jason Crowe:

Let me know if you have questions about this program. Experienced and in contract as we speak. This program is only specific to the venders with the contract with VA. Have specifics about program if interested.

Hello, I am a Texas Realtor representing a client on a listing using VA PAYee program through VRM. Our offer was just accepted. My client is going to be an owner occupant & is a veteran witha 100 rating from the VA. I would like to know if you can share the lending requirements used for underwriting for VRM to approve the loan. Any feedback is greatly appreciated.

[Johnny Lynum]

Wow! Great responses on your post @Alex WinfieldI'm from Leesburg! Would love to connect!

The VA Vendee loan is a solid find! It's like a VA loan but available to veterans and non-veterans for VA-foreclosed properties, often with 5% down. No PMI, no early payoff penalty, and good rates—ideal for investors! Since info's sparse, connecting with VA loan experts might help fill in the gaps.

Check this out: https://www.benefits.va.gov/BENEFITS/factsheets/homeloans/ve...

For the Vendee Program, it's smart to get prequalified first—think of it as knowing your firepower before heading into the deal. Prequalification gives you a clear idea of your budget and helps your offer look solid. You could technically just make an offer, but without prequalification, it’s a bit of a shot in the dark. If you want to keep things straightforward, I'd say go the prequal route.

Best,
Johnny