LISTEN VT RADIO | JOIN TEAM VT | SIGN UP DAILY NEWSLETTER
VETERANS TODAY ON : FACEBOOK | TWITTER | VT FORUM
|

Vendee Financing for VA Foreclosed Homes Opens Doors for Home Buyers

BUY VA FORECLOSED HOMES NOW

VENDEE FINANCING PROVIDES PATH FOR MANY WITH CREDIT CHALLENGES

by John P. Allen

If you’re thinking about buying a VA-owned property, Vendee Financing may be an option for you. Unlike VA Loans, which are guaranteed by the Department of Veterans Affairs (VA) and only granted to U.S. Veterans and their spouses, VA Vendee Financing is available to Veterans and non-Veterans alike.

Compared to traditional mortgage loans, Vendee Financing requires fewer fees and less money out of pocket. You’ll enjoy the unique benefits of a low – or even no – down payment; no mortgage insurance; no tax service fee; no appraisal fee; and no flood certification fee.

While the fees, terms and requirements are subject to change without notice, at the time of this writing the borrower would pay 2.25% of loan amount to the Department of Veteran Affairs.  The Application fee is just $350.00 which is non-refundable fee and made payable to Ocwen Financial Corporation.

Ocwen Financial Corporation handles the majority of VA Home Foreclosures for the lenders who have them on the books.  They are a leading business process outsourcing provider to the financial services industry, specializing in loan servicing, mortgage fulfillment and receivables management services. In the USA, Ocwen is headquartered in West Palm Beach, Florida with offices in Arizona, California, Florida, Georgia, Illinois and New York.

     

hireveteransHere are the features of getting Vendee Financing through OCWEN:

    * 0% Down Payment — if Owner Occupied
    * 5% Down Payment — if Investment/Non owner occupied
    * 20% Down Payment – processing will be streamlined.

Closing Costs 

    * Funding Fee – 2.25% of loan amount to VA
    * Closing Fee To Ocwen Loan Servicing, LLC ($500.00 flat fee)
    * Prorated Property Taxes
    * Prorated HOA Fees
    * Optional Title Policy
    * Recording Fees
    * State Taxes (if applicable)
    * 1 year pre-paid Hazard Insurance
    * Title Company Closing Fee
    * Title Company Document Preparation Fee
    * Attorney Fee
    * Seller Representation Fee
    * Title Company Express Mail
    * Title Company Wire Fee
    * Title Company Deed Preparation Fee
    * Other Costs may be incurred based upon state and local requirements

Disclosures:

  1. All properties are sold "As Is."
  2. The applicable interest rate for a Vendee Loan will be the rate in effect at the time Ocwen accepts the Offer to Purchase and Contract for Sale of behalf of VA.
  3. Interest Rates and Funding Fees are set by VA and are subject to change without notice.
  4. Returned checks are subject to the Returned Check Fee charged by the bank, plus the amount of the check.
  5. If application is approved and applicant does not close, the Earnest Money Deposit may be forfeited to VA.
  6. Vendee Financing may not be available on all properties.
  7. VA Funding Fee (currently 2.25%) is required to be paid at the time of Closing. Funding Fee is calculated on the total loan amount

    * A veteran who is receiving compensation (or who would be entitled to receive compensation, but for the receipt of retirement pay), or a surviving spouse whose spouse died as a result of service-related disability is exempt from the funding fee.



Vendee Loans – Frequently Asked Questions



Q: What is a Vendee Loan?
A: A Vendee Loan is Purchase Money Financing provided by the Department of Veterans Affairs (VA) on the sale of VA Properties.

Q: Who Can Apply for a Vendee Loan?
A: Both Veterans and Non-Veterans can apply. Purchasers can be Owner-Occupants or Investors.

Q: How do I apply for a Vendee Loan?
A: Have either your representative or yourself contact the Listing Agent for detailed instructions on how to submit your loan package. All forms and instructions are located in the Ocwen Vendee Financing Section of this web site.

Q: What are the Benefits of a Vendee Loan?
1. Easy application process
2. Reduced closing time
3. Competitive fixed interest rates
4. Low down payment
5. No mortgage insurance required
6. No tax service fee
7. No appraisal fee
8. No flood certification fee

Q: How do I know if I will qualify for VA Vendee financing?
A: Non Veterans as well as Veterans are eligible to apply for VA Vendee financing. Credit Scores are not used as a determining factor in VA Vendee financing approval.

Q: What are the closing costs associated with VA Vendee financing?
A: Closing costs are state specific. We do not require Title Insurance, Appraisal, Survey, or Private Mortgage Insurance (PMI). See Program Terms and Conditions for further details.

Q: How much Earnest money is required?
A: The minimum is $500.00, except in West Virginia and Virginia where earnest money requirement are different. Please see your local Real Estate Agent for earnest money requirements in your state.

Q: What title company will be used for closing and what is the cost?
A: Title company selection is state specific. In seller selection states, Ocwen chooses title company from a pre-approved list.

Q: Why do I have to pay a funding fee?
A: This fee is charged by the VA. Certain military applicants are exempt from paying this fee. To see a list of exempt military see the Terms and Conditions above.

Q: What is the interest rate for a VA Vendee loan?
A: The interest rate is set by the VA. To see the most current interest rate, see the Terms and Conditions above

Q: Where can I find information on VA Vendee Underwriting?
A: You can view and print Pamphlet 26-7 – “Guaranty or Insurance of Loans to Veterans … GI Loan Programs” from the VA website. The web address is http://www.warms.vba.va.gov/pam26_7.html.


Official OCWEN Web Site - Learn More - OCWEN Customers


Ocwen
Attn: VA Vendee Financing
P.O. Box 785060
Orlando, FL 32878
E-Mail: vendeeinfo@ocwen.com
Phone: 1-866-4VENDEE ((866) 483-6333)
8:30 a.m. – 5:30 p.m. EST


Bookmark and Share

Short URL: http://www.veteranstoday.com/?p=3131

The views expressed herein are the views of the author exclusively and not necessarily the views of VT or any other VT authors, affiliates, advertisers, sponsors, partners and technicians. Legal Notice

Education
Get Your Loan Now
Get Your Loan Now
Get Your Loan Now
Apply for your VA Home Loan Now
Apply for your VA Home Loan Now
Apply for Jobs on HireVeterans.com Now
Apply for Jobs on HireVeterans.com Now
Apply for Jobs on HireVeterans.com Now
Austins School of Spa Technology
ME Online
slow aging
What Price Gold
Posted by on Jun 26 2008, With 0 Reads, Filed under Personal Finance. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

COMMENTS

To post, we ask that you login using Facebook, Yahoo, AOL, or Hotmail in the box below.
Don't have a social network account? Register and Login direct with VT and post.
Before you post, read our Comment Policy - Feedback

Comments Closed

4 Comments for “Vendee Financing for VA Foreclosed Homes Opens Doors for Home Buyers”

  1. what is the % rate. Was there a $5,000 funding fee to initiate loan?

  2. I am a loan officer. I have already pre-qualified an X Veteran for a VA loan, but when I was looking at your site, I saw a house that she may be interested in viewing, except, does this mean that I will not be able to do the loan as the broker?

    Does this mean she can only use certain financing companies?

  3. Vendee financing is a loan product offered to individuals to help finance the purchase of VA REO Properties. Vendee Financing will be offered to both veterans and non-veterans. Some of the guidelines are listed below:

    Seller may contribute up to 6% of the contract sales price to pay for funding fee, closing costs, prepaid and other expenses.
    Vendee mortgages are assumable by qualification.
    Vendee Financing is not a credit score driven product.
    There are two available terms, a 15 and 30 year fixed rate.

    website hosting [www.sharphosts.com] | domain registration [www.sharphosts.com] | dedicated servers [www.sharphosts.com]

    • my credit is toast,while i was dealing with war related issues i have a couple of bills that were late,im affraid to to even ask..who can if anyone,100% IU,100 ssd Any Ideas

Comments are closed

 

Email Newsletter icon, E-mail Newsletter icon, Email List icon, E-mail List icon Join Our Daily Newsletter
  View Newsletter ARCHIVE

WHAT'S HOT

  1. Running out of time: Will the US attack the US again?
  2. NEO – EU Association Agreements – Why Bother?
  3. Veterans Benefits Fair to be Held July 31 in Adams
  4. US politicians behind Veterans Affairs corruption
  5. Gaza Carnage – Who is enjoying it?
  6. Damn You. It Is the Occupation. Stupid.
  7. The Real Jihad is in Palestine
  8. Algerian Crash Not a “Shoot Down”
  9. The Afghanistan Crisis and John Kerry’s Miracle
  10. The People of Donbass have something to say
  11. Chairman Sanders Details VA Proposal
  12. Hamas Pricks Israel’s Soft Under-Belly, Ben Gurion Airport
  13. Shannon Hicks denies staging her fake “iconic” Sandy Hook photograph
  14. ECIPS Calls For Action Against War Crimes!
  15. AIPAC deploys its Senate 5th column for Israel
  16. MH 17 Satellite Photo shows 30 Miles of Debris Field of Bodies
  17. Gaza – Who Will Speak for the Dead?
  18. Trolls Attack Just Prior to Hobbit Vacation
  19. Veterans Organizations Back VA Funding
  20. NEO – Cold Case…MH17 faint echos of KAL007 Shootdown
  1. Howard T.Lewis III: This travesty was mirrored during the construction of the Deepwater Horizon oil well at the Maconda prospect in the Gulf of Mexico. Inadequate design and careless application of structural materials ...
  2. Jim Morrison: I see nothing weather related. Deliberate CIA/Mossad destructions of passenger planes in the hope to divert attention from MH17. I am gonna predict the coming 1 week 3 more airplanes will come ...
  3. Howard T.Lewis III: Abbass et al, while pondering the WTCs flying apart, remember the attack suffered by FEMA 9-11-2001 photographer Sonnenfeld. The perps wanted those pictures and murdered his wife. Details confirming repeated ...
  4. Jim Morrison: Obama and cronies (NATO stooges and EU CIA politicians stooges) are now suspects of war crimes against 300 civilian airline passengers and they should all be brought to The Hague ...
  5. Chandler: I got a kick out of the coroners news conference and Gene Rosen. After reading this, the descriptive term "congo line," describes what the perpetrators of this hoax is ...

Veterans Today Poll

For over 60 years, US Taxpayers have been funding Israel, Palestine and Middle East. Are you happy with return on investment or would you prefer those monies be invested at home instead?

View Results

Loading ... Loading ...

Archives