Posted by Dave T on December 02, 1999 at 22:42:33:
Approval of the assumption of a VA loan made on or after March 1, 1988, must first be obtained from the lender (institution servicing the loan), and then VA will process the substitution of entitlement. The purchaser must go through the same loan qualification process as for a new loan.
There will be a closing at which deed will pass, and the VA will charge a nominal assumption fee. Suggest you contact a lender in your area designated as providing VA Vendee Financing for more specific detail on assumption fees and settlement costs.