Assumable VA Loans ? - Posted by Rob (atlanta)


#1

Posted by Dave T on January 07, 1999 at 23:46:02:

Is the mortgage balance the sale price for the house? If so, then you can assume the seller’s mortgage and get the 100% financing you’re asking for. Just write a purchase offer for $1000 plus assumption of existing mortgage.

Contact your friendly realtor or the nearest VA regional office and ask for a list of mortgage companies approved for VA vendee financing.

Pick a mortgage company from that list and begin the loan application process. Of course you will have to pay traditional settlement costs and prepaid escrows and perhaps a nominal loan assumption fee.

If the VA approves your credit, you should be able to assume the loan. The seller will then request a release of liability so VA financing can be used for the next home purchase.


#2

Assumable VA Loans ? - Posted by Rob (atlanta)

Posted by Rob (atlanta) on January 07, 1999 at 11:30:39:

I have a deal that I’m trying to get and the specifics are this:

  • listed price: $55,000
  • Good neighborhood
  • Area rents: $515-$650/month
  • monthly note: $467.00/month
  • 2 bed/1bth frame home
  • VA loan
  • owner needs to move to buy a bigger home and will use his VA certificate for the new home.
  • No repairs
  • The loan is assumable (qualifying)
  • Owner is willing to accept $500-$1,000 to move
  • My plans are to section 8 the property with rents in the $530-$615 range

How do I but this house with $0 down ? I want to assume it but I don’t know how ?

thanks,