Real Estate Investor · Kansas City, MO · Member since 2011 · 43 posts · 9 votes
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.
I'm not sure if that's the case or not. This page has been up for a while now, I believe...
This indicates that during the transition to VRM, there won't be any Vendee financing, but all indications are that it will be coming back once the transition is complete and they get their ducks in a row.
A friend of mine has been communicating with a VA Realty Officer for several months now, and he's always indicated that Vendee financing will be coming back.
Contract did go to VRM, for selling their properties...Contract has two parts, selling, and lending. Previously, B of A had contracts for BOTH,. that's why they sold VA and offered VA vendee financing. Currently, VRM has been awarded the contract for selling VA, though PRIMELENDING has been awarded the lending contract and will in time be offering VENDEE financing again. Thanks
I hear crickets.....Still no rumors of this beloved program coming back? Right before they shut it down I had an offer in on a property using va vendee financing and once it got to underwriting they made it impossible to put it together. Even though I already had a tenant with a lease signed contingent on closing! Payment would of been around 900 if I recall and my rent coming in would of been 1350. Very frustrating as using their own rules regarding the program the rent more than covered any loan balance I would of had so it should of been a no brainier to approve. I feel since they were in process of closing program down they really didn't want to give out any more of these loans. Once I waved the white flag and canceled the PA, the property goes up and sells for 20k over list price and the original offer I had accepted...You win some you lose some. I still check every few months for an update on this program. It was great for small time investors like myself trying to build up a portfolio.