Financing a VA Home

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".

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.