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Classifieds & Organizations => Sponsor Classifieds => Topic started by: pianoman9701 on April 09, 2022, 08:46:11 AM

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Title: VA Loans are Assumable/No Vet Needed
Post by: pianoman9701 on April 09, 2022, 08:46:11 AM

Do you have property that you want to pass to someone for the remainder of the principle without losing that low rate on the note you got a year and a half ago? You can and it's fairly simple to do. The person assuming the debt need not be a vet.

VA loans are assumable for a fee by the lender holding the note. There's normally a one-time fee of approximately $300-400, in addition to a VA funding fee of .05%. The person(s) taking over the loan must qualify with debt to income, but unless their low credit score disqualifies them, score has no impact - the rate stays the same. That .05% funding fee can be waived if the assumer is a vet with a service-connected disability rating of any %. The assumer must not be delinquent in any federal debt, such as another mortgage, student loans, etc. The original loan must be at least 210 days old.

Let me know if you need more information.