Wondering about Assumable Mortgages
Was wondering about assumable mortgages and if i could use that loan and a VA loan to gain multiple properties.
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Don't listen to people telling you that it is difficult or can't be done. Within 2 hours I identified 20 VA assumables. The next day I texted 50 real estate agents and came across 10 more properties. For two weekends, I went to open houses and asked the agent to let me know if the property was VA/FHA, what the interest rate was, what they owed on the property, and if the seller was interested in doing an assumable. My loan officer wasn't capable of doing VA assumables so they had to transfer me to a different team that knew how to do them. No one knows anything about assumables, people are trying to catch up. Interest rates have been decreasing and they were not relevant, now they are a game changer. There is no "due on sale" clause for assuming a loan because it is approved by the lender and initiated by the seller. Expect a 30-40 day close timeframe.