Ever heard of a VA Vendee Loan?

[Jon Graham]

A few years back I bought a foreclosed property with the intent of using a conventional mortgage. When our offer was accepted the listing realtor contacted us and said the previous owner had a 'VA Vendee' loan which was some kind of special loan from the VA. They said that we could get grandfathered into the program and offered the same terms to us. The loan was fantastic. Really great intrest rates, 0% down payment, no PMI insurance, no appraisal, no inspections.

Has anyone ever heard of this type of loan? Most people I've asked have never heard of it, but surely this is the place to get more info on it. I'm wondering if it's possible I have been grandfathered into the program that I might be able to use this loan on other properties? Or does anyone know where I could look to get more info myself?

Please help!

[Chris Majors]

Hey @Wesley Read 

It looks like it is legit back. If you go to vrmco.com and go to the VA owned properties, the site will indicate whether the listing is eligible for vendee financing. You can request more info and get the contact for a lender. I have a local contact, but have not yet applied for the vendee product yet. There haven't been any decent VA deals lately in my area. If I end up applying for the loan I will definitely post an update.