Vendee Loan Program on Hold.

National Mortgage News | February 3, 2003 | Copyright

The Department of Veterans Affairs halted is "vendee loan" program last week, which was used to finance sales of VA-foreclosed single- family homes.

"Effective for all listings on or after Jan. 31, 2003, the VA will no longer offer vendee financing," DVA announced.

The Office of Management and Budget has been trying to shut down the vendee program for the past two years. But the VA had resisted on the grounds that vendee financing improves recoveries on sales of real estate-owned.

However, OMB targeted the vendee loan program again in the last ...

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