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VA Vendee Lender

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Brandon Laughridge

Real Estate Investor from Kansas City, Missouri

May 15 '12, 03:11 PM


Does anyone know who is making VA Vendee loans these days? I spoke with B of A and apparently they're no longer doing them and somehow didn't know who was taking over the program. They mentioned "Imperial Lending" or something like that but they seem to be hard money lenders.



Bill G.

Real Estate Investor from Springfield, Missouri

May 15 '12, 04:26 PM


Try Ocwen Financial Corporation as they use to handel VA foreclosures. Wells Fargo provided Vendee Financing. Investors can pick up VA foreclosures with limited down (5% if I recall) and you don't need to be veteran to qualify.



Nathan Emmert

Multi-family Investor from South Jordan, Utah

May 15 '12, 04:30 PM


Per google, it looks like Vendor Resource Management (VRM) won the contract but I don't see much on their website. I'm going to try to give them a call tomorrow to get pre-qual'd. I didn't meet BoA's standards, maybe these are different! There's a few VA Homes I'd love to add as rentals.



Brandon Laughridge

Real Estate Investor from Kansas City, Missouri

May 16 '12, 01:46 PM


Thanks all. I called VRM and they confirmed that they are the new lender on this program. As of 5/7 it is suspended for a transition process from BofA to them but should be back soon (although they wouldn't give a date).



Debbie McCleney

Landlord from Yorktown, Virginia

May 30 '12, 12:43 PM


I just heard the time frame VRM is giving to start VA Vendee financing again is 1-2 months. Its a shame because i just found a great investment but dont want to risk waiting. Any one have any contacts there or know of another company involved? Thanks



Brandon Laughridge

Real Estate Investor from Kansas City, Missouri

Jul 11 '12, 11:20 AM


FYI for anyone checking out this thread: I talked to VRM today (7/11/12) and they said revised terms should be out in early August and they'll have LO's who can give more info/prequalify and they should be ready to lend mid-August.



Mitch Kronowit Donor

SFR Investor from Orange County, California

Jul 11 '12, 12:04 PM
1 vote


More info:

http://www.vanewsblog.com/2012/07/va-loan-reader-question-what-happened-to-va-vendee-financing/

I wonder if this means BofA will no longer be providing the loan servicing for the VA Vendee home we purchased in 2010? That would be happy news.

BTW, all these companies, BofA, Ocwen, VRM, et. al., are NOT Vendee "lenders". The VA owns these homes and they are providing the financing, i.e., seller financing. The processing and administration for the Vendee program is what these other companies do.



Mike Cartwright

Monticello, Minnesota

Aug 01 '12, 01:47 PM


Does anyone know what website they will use to list VA Vendee properties? I don't think equator is active anymore.



Mitch Kronowit Donor

SFR Investor from Orange County, California

Aug 03 '12, 02:09 AM


Originally posted by Mike Cartwright:
Does anyone know what website they will use to list VA Vendee properties? I don't think equator is active anymore.

Equator.com still works for me. However, there isn't any phone number to call as before.



Bill Swatling

Acworth, Georgia

Aug 03 '12, 11:31 AM


Originally posted by Mike Cartwright

Does anyone know what website they will use to list VA Vendee
properties? I don't think equator is active anymore.

It appears that new listings are no longer being added to the Equator.com website. The most recent listing date for my state, Georgia, is July 11.



Bill Swatling

Acworth, Georgia

Aug 03 '12, 11:35 AM
1 vote


Originally posted by Mitch Kronowit

I wonder if this means BofA will no longer be providing the loan servicing for the VA Vendee home we purchased in 2010? That would be happy news.

I just got a notice yesterday from BAC that my Vendee loan for a house I bought in 2011 would be transferred to Residential Credit Services Inc.



Debbie McCleney

Landlord from Yorktown, Virginia

Aug 03 '12, 06:23 PM


Just like Brandon said, VRC also told me mid August. I found the best way to get a response was to email the marketing person. Now they are supposed to call me when its back up. Ill post if they do. Equator still worked last i checked.



Debbie McCleney

Landlord from Yorktown, Virginia

Aug 03 '12, 06:28 PM
1 vote


FYI Mitch posted a link and in there 2 more web sites are added for properties, this will probably come in handy when equator site no longer works. http://www.homesales.gov and http://www.govsales.gov thanks Mitch!



Robert Steele

Real Estate Investor from Lucas, Texas

Aug 06 '12, 12:56 PM


I guess the VA foreclosures are stuck in the pipeline. Since BAC stopped doing Vendee financing the number of VA foreclosures in my area has completely dried up.



Bill Swatling

Acworth, Georgia

Aug 09 '12, 01:21 PM
2 votes


The VA Vendee information page just changed.

http://www.benefits.va.gov/homeloans/pm.asp

VRM also has just launched their listings website:

http://listings.vrmco.com/



J Scott Moderator Donor

Real Estate Investor from Ellicott City, Maryland

Aug 10 '12, 11:19 AM
2 votes


Originally posted by Bill Swatling:
The VA Vendee information page just changed.

http://www.benefits.va.gov/homeloans/pm.asp

VRM also has just launched their listings website:

http://listings.vrmco.com/

A friend of mine just had an email exchange with someone at VA who is involved in the VRM/Vendee cutover. Here is what the VA guy had to say about the status of the Vendee program:

"....There really is no news on vendee as yet. It remains on hiatus as the transition proceeds. VRM is just starting to list properties but any offers for these will have to be outside financed or cash until such time as vendee comes on line. I do not have a firm date for that at this time.

First priority right now is to get through the transition process and that is a big order. We are moving 6,000 properties from Bank of America to VRM next week. The balance of properties will be moved in mid-September."

Hope that helps...



Medium_lishproplogoJ Scott, Lish Properties, LLC
E-Mail: [email protected]
Website: http://www.123flip.com
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Mike Cartwright

Monticello, Minnesota

Aug 11 '12, 05:06 AM


Thanks for the update on the site Bill. I am anxiously waiting to purchase another one of these properties. Hopefully they will get the financing for these homes running soon as well.



Kevin Pit

Houston, Texas

Aug 28 '12, 08:51 AM


I just called VRMCO about the VA vendee today, and they still don't have any update for this program. Do anybody knows when this va vendee program will start again or they will suspense it indefinitely.



Nathan Emmert

Multi-family Investor from South Jordan, Utah

Aug 28 '12, 09:48 AM


I checked their website today and see it's now down... per what's up, VRM will take it over 9/28...



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