One of the best mortgage values out there today is the VA home loan, due to its 0% down payment and lenient terms. Now, the Veteran’s Administration has opened up the VA Vendee Financing Program, which offers VA bank-owned homes for sale to eligible purchasers. This loan has some of the same great benefits as the VA home loan, such as no down payment, but the good news is that both veterans and non-veterans can take advantage of it.
VA Vendee Financing Program facts
Financing is available for both owner and non-owner occupied homes.
Anyone may apply, veteran or non-veteran.
The seller may contribute up to 6% of the sales price to pay for closing costs (including origination fee), funding fee, prepaid and other expenses.
A $2500 origination fee covers a credit report, tax service, flood certificate and closing costs.
VA funding fee is 2.25%.
Low interest rates.
Lenient credit terms.
No pre-payment penalties.
No appraisal is required.
No mortgage insurance premium.
An owner-occupied purchase can be financed with as little as 0% down payment, and the loan can be increased 2% to cover closing costs, prepaid and other expenses.
A non-owner occupied loan can have as low as a 5% down payment. There are no maximum number of investment properties that may be financed.
To view properties available under the VA Vendee Financing Program, visit the Equator Financial Solutions website.