How Do You Assume A VA Mortgage?
Among the many benefits Veterans Affairs (VA) offers to veterans is guaranteed home loans. As of 2010, the VA will guarantee mortgages up to $417,000, which means that veterans using this benefit won’t have to make a down payment to secure any home loan for less than that amount. When a veteran sells a house bought with a VA loan, under most circumstances the buyer can assume the guaranteed loan, even if the buyer isn’t a veteran, and the VA assumption frequently makes the home a much more attractive buy. Find an assumable VA loan. Check local multi listing systems (MLS), where local real estate agents list their properties. If a house is being sold with an assumable VA mortgage, the listing will specify that fact. You can also check va.equator.com/index.cfm, which lists homes with VA-guaranteed mortgages that have been foreclosed. Some of those loans may also be assumable. Find a lender who will lend you the money required to buy the home. If the mortgage was finalized after March 1,
