The foreclosure rate for VA home owners is lower than almost every other segment of the market, but there are still some VA foreclosed properties and they are available, even in Oak Harbor, at very interesting terms.
This is called VA Vendee financing. It isn’t something that you would come to me to accomplish, it is done through VA. Take a look at these VA Vendee Quick Facts:
- Any purchaser can apply for Vendee Financing. You do not have to be a Veteran.
- Vendee financing is available for non‐owner and owner occupied.
- Low Interest Rates
- $2500 origination fee includes: credit report, tax service, flood certificate and closing costs.
- The seller may contribute up to 3% of the contract sale price for closing costs.
- No pre‐payment penalties.
- An appraisal is not required for underwriting.
Non‐owner occupied only:
- No maximum number of investment properties.
Vendee financing is a loan product offered to purchase VA Real Estate Owned Properties. Vendee financing is offered to both veterans and non‐veterans. Some of the guidelines are listed below:
- Seller may contribute up to 3% of the contract sales price in order to pay for closing costs (including the $2500.00 origination fee), prepaid and other expenses.
- Vendee mortgages are assumable by qualification.
- Vendee financing is not a credit score driven product.
- There are two available terms, a 15 and 30 year fixed rate.
- There is a VA funding fee of 2.25% which cannot be included in the Seller concessions.
Owner Occupied purchase:
- Can be financed with as little as 0% down
Non‐owner Occupied purchase:
- Can be financed with as little as 5% down. Investors may use 75% of anticipated rent based on appraiser’s estimate to offset the subject property monthly payment.
- Investors must have experience managing rental properties in order to include anticipated rent on subject property in underwriting.
- No maximum number of investment properties.
To find out about VA foreclosures, check out their website here. I only saw a few properties listed in Island County but they could be excellent buys.
If you need to arrange other financing, either USDA, FHA, VA or conventional, I am here for you. I am available right now to help you with the loan process and know the ins and outs of FHA, VA, USDA and conventional financing. If you want to buy a home using an FHA loan or refinance using VA, I am here to help. Contact me at Pinnacle Mortgage Planning, 3157 N.Goldie Rd., Oak Harbor WA 98277, 360-682-6913/541-221-3455 cell or by e-mail. Only you can make the choice it is time to get the process started.
