Posts tagged Island County

Oak Harbor and Island County VA Foreclosures

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.

home sold VA foreclosures – could be great deals for investors

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.

USDA announces new 100% loan income limits for Island County

Until I get my USDA blog operating, the VA Loan blog will also contain information about USDA 100% loans and we have some big news this week.

The new income limit for a family of up to four people for Island County is $89,550 and a family of five to eight can make up to $118,200 and qualify for a 100% USDA guaranteed home loan.

USDA and VA are the only home loans currently available that allow the buyer to purchase the home with nom down payment and in many cases no cash out of pocket. USDA until recently did not have any monthly mortgage insurance, however, that has changed that there is a yearly guarantee fee, that is very similar to mortgage insurance. That fee is still much lower than FHA or conventional financing.

Currently all of Island County and much of Skagit County are eligible for USDA Guaranteed home financing.


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To find out if you qualify for a USDA loan and get your approval process going, give me a call today. You can reach me at 360-682-6913/541-221-3455 cell or through my e-mail. I am an expert in government financing. VA, FHA and USDA loans are all in a day’s work for me. Call today for an appointment.

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