Everything buyers and sellers need to know about assuming VA loans.
VA loans are a great option for veterans. However, the legal rules and regulations around them can make them difficult to assume. In case you don’t know, you can sometimes assume someone’s loan when purchasing a house from them. This is a great option that is especially popular in this market since many homeowners have mortgages with very low interest rates. While assuming VA loans may seem tricky, we were able to pull it off for one of our clients recently. Today, we’ll explain how we did that and what benefits it gave our client.
You can listen to our full explanation in the video above or skip to each topic using the timestamps provided:
0:00 — Introduction
0:33 — Assuming VA loans is rare
0:51 — Why assuming loans is becoming more popular
1:42 — A few things to know about VA loans
2:22 — Typically, VA loans have lower rates
3:21 — Assuming a VA loan can take time, but it’s not complicated
3:43 — The seller can make more money with an assumption
4:40 — Wrapping up
If you have questions about assuming a VA loan, either as a buyer or seller, please call or email us. We’d love to help you!