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My dad is retired and giving me his home

My dad is retired and bought his home with a VA loan. He's giving me his home. Should he refnance to put it under my name? by microfab511 from Buckland, Ohio. Aug 12th 2021 Reply


Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,300 contributions

It depends. If refinancing will allow you to get into a better loan (ie: a lower rate or lower payment, etc.) then refinancing would probably make sense. If your dad is going to remain on title with you or still live in the home, he would have the option of keeping his VA loan on this property. However, if he is contemplating buying a new home with VA financing, under current rules, he likely would be able to do so without first paying off this VA loan. More details would likely result in a more concise answer. I advise to talk to a local Real Estate Broker in the area where the property is located. Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Certified by The National Association of Mortgage Professionals as a Certified Veterans Lending Specialist.Licensed in AZ, CA, GA, IL, OR & WA... In fact, NEXA is licensed in all states except MA and NY so give us a call. ~ www.ApplyYes.com 480-889-9000.

Aug 13th 2021
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,409 contributions

As dad has a VA loan, it is possible for someone else to assume the existing loan. This may be beneficial. You don't need to do a new loan to put the home into your name. Most states simply allow a Quit Claim Deed, where he basically signs the home over to you. With today's super low rates, it may be more beneficial for you to get your own loan on the home too. I suggest talking to a local mortgage broker in your area for them to run numbers, and give you some advice. I lend in MN WI IA SD ND for not just VA loans, but all mortgage loans. Find me at VAMortgageMN.com - Cambria Mortgage, NMLS 274132

Aug 13th 2021
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Ralph Richard Guertin (ralph@absolutelowrates.com)
#136 ranked lender in Florida - 800 contributions

Sorry, not licensed in Ohio

Aug 16th 2021
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