Posted by Joe on February 11, 2002 at 11:08:40:
To clarify, modern VA loans do, in fact, have due on sale clauses. If an owner simply signs-over the deed to his property to a new owner, the loan can be called due. However, if the property is sold on contract for deed to a new owner, the loan cannot be called due.
Due on Clause Qualifying - Posted by anthony
Posted by anthony on February 10, 2002 at 21:24:19:
Do Pre 1988/86 VA/FHA loans that dont have the due on sale clause require bank or lender qualifying ?
Non-Qualifying Assumable Loans - Posted by Lee
Posted by Lee on February 11, 2002 at 14:25:21:
Anthony, you might check on these dates, but FHA mortgages originated before December 15, 1989 and VA mortgages originated before March 1, 1988 do not require the approval of the lender for them to be assumed by someone other than the original mortgagor. After these dates, they became assumable with qualifying. That is, you had to get the lender’s permission to transfer the loan to someone else, or risk that it might be called due.
These older loans are decreasing in number every day as they are paid off or refinanced.
Re: Due on Clause Qualifying - Posted by jack
Posted by jack on February 10, 2002 at 21:40:25:
V.A. loans do not have a due on sale clause.