Lender · Nashville TN - Licensed in AL AR DC FL GA LA MD TN, TX and VA · Member since 2021 · 583 posts · 338 votes
3y
I don't know about 'feasible' unless the individual transferring the loan to you is someone you already know. If you were to assume a VA loan, that veteran would not have access to their VA entitlement until that loan gets paid off (makes it a tough sell for them, unless they have no need to buy another home). Also, you are likely going to have to buy out their equity as part of the transaction, which could be a pretty large chunk of change.
Lender · Nashville TN - Licensed in AL AR DC FL GA LA MD TN, TX and VA · Member since 2021 · 583 posts · 338 votes
3y
I don't know about 'feasible' unless the individual transferring the loan to you is someone you already know. If you were to assume a VA loan, that veteran would not have access to their VA entitlement until that loan gets paid off (makes it a tough sell for them, unless they have no need to buy another home). Also, you are likely going to have to buy out their equity as part of the transaction, which could be a pretty large chunk of change.
If you are the buyer trying to assume a VA loan, it's a potential great deal for you. I refinanced my current primary at 2.25% last year .... so I would have a great one for someone to assume. Check out the fees required, but if you can find one to assume, it's probably a great rate!