VA REO's

There is a unique loan program I have uncovered in finishing the research for my upcoming book that benefits buyers of The Department of Veterans Affairs (VA) REO’s. The Vendee Program allows ANY qualified buyer to get the perks of VA financing whether they are purchasing for use as a primary residence or investment.

The link to find the properties in Florida that are eligible is below:

https://va.reotrans.com/index.cfm

Some of the benefits:
Primary residence purchase = No money down
Investment purchase = 5% down
Low fixed rate, 30 year loan (same rates apply for both owner occupied and investor)
6% seller paid closing costs allowed
No appraisal or title fees required
$2,500 flat fee that covers most of closing costs

Short Sale Change by Bank

Apparently recognizing that no one benefits from a property foreclosure, Bank of America has announced a policy change regarding dealing with short sales. B of A will now accept a short sale on a property and require that only 5% of the short sale property's selling price (previously 10%) goes toward paying off home-equity lines of credit on the property.

1st time Home Buyer Assistance

The most common question I receive is about the 1st time home buyer and the availability of financial assistance. One place I recommend starting is with your local government, find out which programs they have for 1st time home buyers.

I have attached a link for counties/cities that offer programs such as the State Housing Initiatives Partnership program (SHIP), Neighborhood Stabilization Program, etc.

http://apps.floridahousing.org/StandAlone/FHFC_ECM/AppPage_SHIPLGContacts.aspx

As mentioned in previous blogs, please know that each county/city has different requirements as to the qualification and requirements for prospective applicants.

Government REO's

While finishing research for my new book, which should be released next month, I found a great website for all U.S. Government REO homes. Please click on the link, where you will all the appropriate information for selling these homes to potential buyers.

www.homesales.gov

As always, feel free to contact me should you have any questions.