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Updated over 7 years ago on . Most recent reply
Assuming a VA loan with current VA loan
What are the requirements for assuming a VA loan. My wife is a veteran and we have used her entire entitlement on our primary residence. We have a potential deal and one of the options for the purchase is the assumption of the current VA loan. Is this possible given the situation?
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Wayne Brooks
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Wayne Brooks#1 Foreclosures Contributor
#1 Foreclosures Contributor
- Real Estate Professional
- West Palm Beach, FL
Not sure, but it used to be that you could assume in one of two ways:
1) as a buyer Not using their own va entitlement (or a non vet)which would not release the loan amount of the seller's entitlement.
2) as a buyer that Is using their entitlement, freeing the that amount for the seller
Don't know if it's still that way.