I specialize in working with investors in real estate and specifically VA foreclosures. Purchasing a VA foreclosure using Vendee Financing takes two months minimum. VA will not sign a contract normally unless the closing date is two months out or longer. Due to the risks inherent in purchasing a foreclosure, I have seen a few take as long as four months to close.
The great advantages of these VA foreclosures are numerous. VA normally prices them with tens of thousands of dollars in equity (or below true sales price for non-distressed properties) to balance the risk of a foreclosure and possible repairs associated with the property. The Vendee financing continues to be the best financing for an investor in the country: only 5% down with a 4% interest rate (for excellent credit). No bank can beat these terms. For homeowners looking to occupy the property, Vendee allows 0% down. Bank of America currently maintains the government contract for Vendee financing and provides it to both veterans and civilians.