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Are VA loans assumable to non-military home buyers?

by kasen_w79426801 from King George, Virginia. Nov 3rd 2014 Reply


Yes they are as long as the buyer qualifies. It is not advisable though as the sellers VA eligibility will not be restored. Give me a call at 301-751-3305 to discuss further. I look forward to hearing from you soon!

Nov 3rd 2014
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Dave Metsker (DaveMetsker)
#38 ranked lender in Oregon - 2,317 contributions

Yes, or you make just take over the payments without qualifying, if the seller agrees.

Nov 3rd 2014
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,224 contributions

Yes, as others said above. However, remember that ties up your VA entitlement for that loan which might prevent you from getting another VA loan. If you allow it, they have to apply through your current lender - make sure you get a release of liability as part of the process.

Nov 4th 2014
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

Yes, but I wouldn't advise it.. Your entitlement allows you to purchase a home with no money down, up to $417K. If you let someone assume your existing VA loan, then you might not be able to use VA for your next home since a portion of your entitlement will be tied up in the property that was assumed.. Also, if the assumed loan goes into default and eventually gets foreclosed, then the portion of your VA eligibility used to purchase that home cannot be restored unless you pay the loss suffered by the VA. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Nov 4th 2014
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