The basics of VA Assumable Loans and how to make them work for you!

The basics of VA Assumable Loans and how to make them work for you!
With the massive hikes in interest rates, anyone who is in the market for real estate is getting really creative on how to finance a mortgage loan. While there are tons of options out there, and really good lenders are starting to push inventive ideas to customers, there is one plausible solution that has become a bit of a buzzword in our area due to the close proximity of Eglin AFB, Hurlburt Field, & Duke Field, and that is the “Assumable VA Loan.”
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Jen~
I am a full-time Real Estate Agent and long-time local in Destin, FL. I love where I live and I love what I do. My biggest joy is helping others attain the working-living beach lifestyle that I have grown up with. I am a mother to a great kid, a wife to an amazing husband, and we all co-parent Rocco, a fluffy Golden Doodle. [e-mail] ~ 850-259-2894
Steph~
I sell Destin Florida real estate and I love what I do. As a Texas native, I fell in love with this area after moving here with my husband's military career. We are now permanent residents and locals on the Emerald Coast. I have two super active kids and one fur baby that we all love a little too much! [e-mail] ~ 850-225-6159
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[@BeachLivingwithJen]

What have you heard about the Assumable VA Loan process?

[@PSalas94]

You can get a 2nd mortgage to cover the difference of the purchase price and assumed loan. The VA lender handbook 26-7 chapter 9 section 5 covers it under secondary borrowing.

[@sarahlapeer2855]

Great info!! Thank you!

[@ronaharon996]

You can seller carry the remaining balance!

[@meaganmoreno5917]

Incorrect only a veteran had to use as a primary residence. A civilian can use the VA assumable as primary, secondary or investment.

[@BeachLivingwithJen]

Hey, thanks for pointing that out @meaganmoreno5917! That is great news that a civilian can use an assumable VA loan as a secondary or investment property. So, does that mean anyone who qualifies to assume a VA loan can use it in this manner? I admit this process is complicated and I enjoy learning about it.

[@jarodnoel5481]

You DO NOT have to live in the home if assumed without VA Entitlement substitution. The buyer is not required to occupy the property of the assumed mortgage if the buyer surrenders their Entitlement to the seller.

[@BeachLivingwithJen]

Wow! Jarod @jarodnoel5481 that is great information. I did not know that. Personally, I think it would be a last resort to surrender that entitlement, but I imagine there are circumstances where it is the best option. This would be a huge benefit for buyers looking for investment properties.

[@msway836]

Also, most ask for a down pmt of 10k on up im assuming its to cover any back cost, plus ive heard you can convert it to an FHA loan, to get out from under the VA loan Identifier....any thoughts on that???

[@DavidSilva-qt9xl]

My daughter is militar and she is relocated to Texas she needs to sell her house, she own the house for a year and I want to buy it but Im a civilian, she doesn’t want any equity since is selling to me what are the chances to asume her loan?

[@BeachLivingwithJen]

Hi and great question! The lending institution that holds your daughter's loan (aka: where she pays her monthly mortgage) is going to be your best resource. Call up her institution and ask to speak to the authority on assuming her loan. Each institution has a different set of rules/qualifications for assumption. Generally speaking (not as the expert in your situation), you would need to be able to qualify for a VA loan in order to assume one. However, there are exceptions so call and see what they say! Your daughter will actually have to be the one to call since it is her loan.