All Forum Posts by: Mike Cartwright

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. 

I am running into this issue now. I know Fannie Mae now allows investors to purchase 5-10 rental properties but with 25% down and requiring a 6 month reserve on all financed properties. I don't meet all those requirements yet unfortunately. My question is if I were to put all my rental properties I have now into a LLC will it waive this 4 properties financed rule? My thought process is I could finance any new property under my name and then transfer into LLC so I can wash, rinse, repeat. The financing program I was looking at is "homepath" which only requires 10% down with no mortgage insurance. But since I have 4 financed properties(3 rentals, 1 home) I don't qualify.

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.

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