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how do I get my mortgage in my son's name? please

my wife and I have VA loan for 16 year but now we would like to move while also keeping the home. my son can take over the mortgag but would like everything to be in his name official. my son has a decent credit it will be no problem. he is military also but would rather take over this VA loan then get another by aiko.rin89347174 from Colorado Springs, Colorado. Dec 1st 2014 Reply


Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,109 contributions

As long as he can qualify for a VA home loan he should be able to qualify to assume your VA home loan. However you will need to get permission from your current lender and if approved this would release your from your VA liability allowing you to use your VA loan benefits again. If you have any questions you can reach me anytime at 303-521-7169 or syoung@firstcal.net / Best wishes, Sean

Dec 1st 2014
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Linda Wintersteen (Linda123)
#64 ranked lender in Arizona - 1,252 contributions

I agree with Sean Young, below and he would have to qualify, since he is not on the loan , and you can not buy another house on the VA loan, while this house is in your name.. I DO have a special financing that depends on the size of the loan, that is for the military for a cash line advance.. All I need is good credit , no employment or income needed or bank statements .. send me your email to yourloanpartnerforlife@live.com and I will send you the information

Dec 2nd 2014
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Jason Vondrak (jvondrak)
#2 ranked lender in California - 1,729 contributions

Sean has a great answer! Your son would need to qualify for VA financing in order to be able to take over your current VA loan.

Dec 2nd 2014
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Jericho Cherry (Jerichocherry)
#58 ranked lender in Virginia - 1,107 contributions

Everyone has given you a good answer. Follow their lead.

Dec 2nd 2014
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,055 contributions

You can either sell him the home for what ever sale price you decide, or he can assume or transfer the loan using his VA benefits/entitlement.. because rates are really low right now, much lower than they were 16 years ago, it might be more beneficial for him to purchase your home and obtain a new VA loan in his name only, taking advantage of today's lower rates. This will put the loan in his name only and release you of any liability.. and because he starting a new loan, he can choose his term.. 15 years, 20 years, or 30 years. 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

Dec 2nd 2014
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Phil Dumouchel (PhilDu)
#1 ranked lender in South Carolina - 2,228 contributions

Another option would be for him to do a VA streamline refinance of your mortgage into his name which would also substitute his entitlement for yours. If you want to stay on the title you'll need to work with your current lender as suggested by Sean. Depending on the amount of your entitlement used on the current home it MAY be possible to obtain another VA mortgage without paying off the current loan.

Dec 2nd 2014
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,571 contributions

VA loans are assumable. Contact your current lender and ask them how to get started and their procedure for letting him assume the loan. As he is also VA, that works out even better, because putting it in his name will release your VA benefits. For VA loans in MN, SD, and WI - visit www.VA-IRRRL-Loan-MN.com

Dec 2nd 2014
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