Author Topic: VA Loans are Assumable/No Vet Needed  (Read 600 times)

Online pianoman9701

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VA Loans are Assumable/No Vet Needed
« 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.
"Restricting the rights of law-abiding citizens based on the actions of criminals and madmen will have no positive effect on the future acts of criminals and madmen. It will only serve to reduce individual rights and the very security of our republic." - Pianoman


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