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Financing
VA Acquired Homes
As
mentioned before, each property listed with the VA are eligible
for various types of financing. The types of financing are:
VA
Guaranteed Loans - This type of financing is provided to
eligible veterans by an approved lender and feature 100% financing
with $0 down, no prepayment penalty and no mortgage insurance.
Only properties with an "A" code are eligible for this
type of financing and the buyer must be an owner occupant.
FHA
203(b) Loans - This loan is the bread and butter of FHA
approved financing. Ranging from 15 or 30 year terms, FHA
offer owner occupant buyers the ability to buy a home with less
than ideal credit. Only properties with an "A"
code are eligible for this type of financing.
Conventional
Loans - Generally referred to as a Fannie Mae or Freddie Mac
loan, this is a standard 30 or 15 year loan that is not insured or
guaranteed by the government. Only properties coded
"A" or "X" are eligible for this type of
financing.
VA
Vendee Financing - Financing provided by the VA to purchase VA
acquired homes. Eligible buyers are owner occupants (both
veterans and non-veterans). Buyers must meet basic
underwriting guidelines and the interest rate is fixed by the VA
at the time of purchase. All properties are eligible for
this type of financing except those coded "C".
Click
here to find out if you qualify for VA Vendee financing!
All
Cash - Buyers must provide adequate evidence of
sufficient cash to close on the transaction. VA will not
accept any type of financing on a property if the buyer is
identified as a cash buyer. All properties are eligible.
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