Re: Assuming a VA loan - Posted by JPiper
Posted by JPiper on October 25, 1998 at 16:41:44:
Just to clarify, all VA loans are assumable. VA loans originated prior to March 1, 1988 are simple assumptions ie they don’t require qualifying. Cost is $45. VA loans after that date would require qualifying according to the VA guidelines as to income, credit, and employment. Cost can vary, but would approximate $500.
If the VA loan is post March 1, 1988 have you considered deeding the property to a land trust?? The owner will retain liability but has a 2nd mortgage to foreclose upon and take back title to the house if you default.