Need help fast on VA assumable loans???? - Posted by ED SWVA

Posted by John (TX) on March 14, 2000 at 11:18:50:

The requirements are simple.

If the loan was originated prior to March 1st 1988 you simply complete an assumption package and voila, you’re the owner. (After it’s approved of course). You would need very little money out of your pocket. There is a fee for processing the assumption package but it’s small.

If it originated on or after March 1st 1988 you will still need to complete an assumption package but you must qualify just as if you were getting new financing. Well, not exactly like new financing, but qualify none the less. Here still you would need very little money; you’re not buying with a down payment just assuming a loan with a good Loan-To-Value Ratio (LTV). (I’m only guessing the LTV is good since you didn’t post any numbers on balance or value.)

The credit score you mention will only come in to play if the loan does requires qualification.

Hope this help.


Need help fast on VA assumable loans??? - Posted by ED SWVA

Posted by ED SWVA on March 13, 2000 at 06:15:55:

Hello everyone. I need some advice.

I have a line on a VA assumable home. Can anyone tell me the requirements for assuming a VA loan?

They are only asking the payoff. Will the lender require me to put my own cash in the deal?

If so, does anyone have any creative ideas on how to get around this?

I checked my score and came up with a 646 if this helps.

Thanks so much for your help!