VA Vendee Lender

Private Lending & Conventional Mortgage Advice 31 Replies

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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.

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.

Medium logoscopiccroppedblue2Bill Gulley, General Real Estate Academy | https://generalrealestateacademy.com

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.

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).

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

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.

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.

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

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.

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.

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.

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.

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!

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.

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/

Try http://va.equator.com/. The property listings are still being updated here.

Medium logoShanequa J., Vantage Investment Properties | (713) 481‑2468 | http://www.housesbyvip.com | TX Agent # 655962

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 | [email protected] | http://www.123flip.com

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.

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.

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

Does anyone have any new info on Va Vendee?
Please let me know if I am missing something, but so far it seems like it is not coming back anytime soon.

> Does anyone have any new info on Va Vendee?
> Please let me know if I am missing something, but so far it
> seems like it is not coming back anytime soon.

VRM posted many new listings to their web site last week, but they are still not yet running the VA Vendee program. I called and asked about it and the person read a statement to me that said that they do not know when or if the Vendee will return. But if you look at the VA contract Addendum that is a download from all property listing pages, you will see that the finance contingency clause allows you to check VA Vendee Financing. And there is a new option called VA Vendee Renovation Financing. So it appears that the VA Vendee program will be a little different when it comes back.

Originally posted by Bill Swatling:
I called and asked about it and the person read a statement to me that said that they do not know when or if the Vendee will return. But if you look at the VA contract Addendum that is a download from all property listing pages, you will see that the finance contingency clause allows you to check VA Vendee Financing.

Thanks for the update Bill. I was going to call VRM this week and begin the pre-qual process, but is my understanding correct that they're not ready for that yet? Thanks again.

Originally posted by Mitch Kronowit:
Originally posted by Bill Swatling:
I called and asked about it and the person read a statement to me that said that they do not know when or if the Vendee will return. But if you look at the VA contract Addendum that is a download from all property listing pages, you will see that the finance contingency clause allows you to check VA Vendee Financing.

Thanks for the update Bill. I was going to call VRM this week and begin the pre-qual process, but is my understanding correct that they're not ready for that yet? Thanks again.

I don't think that VRM is originating loans at this time. They definitely are not originating VA Vendee loans. The VRM rep told me that they have no instructions from the VA yet on what the VA Vendee program will be or if they will do it at all. I don't think that is actually true, but I don't have a good contact to get better information. Brokers/agents who have VA listings don't know anything either. I've called a few.

I too can't wait to find out if this funding program will be returning. I've emailed VRM but got the standard reply as everyone else gets. We have purchased 3 properties from the VA using the Vendee loan it really helps for investors like me and my husband low down allows us to keep the cash for repairs to the properties, and just when I had my BOA loan rep trained :) they lose the contact oh well.