VA Vendee Financing = Bad Credit + No Doc + Down

Comments(7)

• 
  ceinvests30th December, 2004

  In my experience 7/2002 I had to qualify exactly the same as any other loan--but I never asked about flex.
  It would be best for you to find the person(s) in your area who are allowed to process the Vendee applicants and ask them what the criteria is for approval.

• 
  realztate30th December, 2004

  Thanks for the advise Ceinvests!
  
  Does anyone else has any experience with VA Vendee Financing, is it easily obtainable, or with strict regulations?

• 
  JohnMichael30th December, 2004

  Sorry ruizhen18
  
  But the VA loan guarantee program is not that liberal, you should be seeking out an owner finance deal or a lease option purchase.
  [addsig]

• 
  realztate31st December, 2004

  Yes, seller financing and lease options have always been on my mind and it is really sad to have little options when you are in a despair condition :(
  
  But that was me 2 years ago... I now have cash available for down payment, but no proof of income at the moment, and would like to spread out the monies to a couple of houses for cashflow, instead of just 1 or 2, and with only seller financing it is very difficult.
  
  Is there any other way? Any lender or mortgage broker willing to work such a case? Any ideas? Thanks

• 
  JohnMichael31st December, 2004

  Yes you can seek out private funding, hardmoney, or partner with someone who has good credit.
  [addsig]

• 
  realztate31st December, 2004

  How much FICO score do you need the least, in order to obtain relatively easy financing from lenders nationwide to finance REI?
  
  What if your FICO score is good but no proof of income?
  
  Do you also need a certain amount of money available in the bank?[ Edited by ruizhen18 on Date 12/31/2004 ]

• 
  realztate2nd January, 2005

  Still havent got an answer yet :(
  
  I really hope someone can answer my questions...