VA Assumable Loan when selling primary residence
Wondering if anyone here has experience with either having someone assume their VA loan or assuming the VA loan yourself. Looking to use the VA loan and interest rate on the remaining balance of the loan on my house as a perk when selling my home. I know the basics of the assumption process but looking for any more in depth details.
Thanks for any input
Yes we do have experience with assumable VA loan. Are you looking to off load the property?
Chris Gilbert the new buyer will need to qualify based on credit & income but does not need to be a veteran. However, if they are not, then you will not be able to use your VA loan benefit again until the current loan is paid off/refinanced. If the new buyer happens to be a veteran then you get your eligibility back as soon as the sale closes. Either way you do not retain any financial responsibility for the loan after the sale, it is out of your name. Contact your current mortgage servicing company for next steps.
