Do I have to be a veteran  to use the VA Vendee Financing Program?  You do not have to be a veteran to use the program. The VA Vendee financing is a great loan program available to buyers who purchase VA foreclosures.  The program offers 15 and 30 year fixed terms at low rates.  It can be used by owner and non owner occupants.   Also, you do not need to have perfect credit because the program is not credit score driven; however, your credit must be fair and you must prove that you have the ability to pay for the home.  Following are the guidelines:

1.     Property must be VA Real Estate Owned

2.     There is a $2,500 origination fee

3.     Owner occupants can be financed with 0% down.

4.     Non owner occupants can be financed 5% down

5.     Seller can contribute up to 3% of sales price for closing costs.

6.     VA funding fee of 2.25% cannot be included in the seller concessions

7.     An appraisal is not required for underwriting

8.     Vendee mortgages are assumable with qualification 

The program is available on most but not all VA foreclosures.   Therefore, check with your Realtor to make sure the VA home you are considering qualifies.