Posted by TomC (Md) on April 17, 2002 at 13:45:27:
I’m in the process of assuming a VA loan right now.
Countrywide has the loan, and they are charging a $300 assumption fee, $350 doc prep fee, plus one-half of a point. Tack your normal closing paperwork costs onto that.
It’s a full-blown loan application to assume, and I have specified that I do not intend to occupy.
TomC
Subject to and VA assumptions - Posted by RobSAT
Posted by RobSAT on April 17, 2002 at 12:51:54:
Has anybody done subject to’s on VA loans, post may/88, owner occupy stipulation, and had any problems transfering title to trust and/or leasing. Or would it be posible to assume the loan (more costs) and lease? as you all can surmise I,m a newbi and would appreciate your input.
Re: Subject to and VA assumptions - Posted by RobSat
Posted by RobSat on April 18, 2002 at 02:18:50:
Thanks to Tom, Richard, and Scott for your input. My motivated sellers have purchaced their dream home in the country on a VA and want some one to assume their old VA home. I’ve done a drive by and the house has street appeal. I don’t want to assume the loan but I’m a little worried about what the VA might do when the title goes to trust.
Re: Subject to and VA assumptions - Posted by RobSAT
Posted by RobSAT on April 18, 2002 at 01:59:32:
Thanks to Tom, Richard, and Scott for your input. My motivated sellers have purchased their dream home in the country on a VA and want somebody to assume their other VA loan. I did a drive by on the house and I has
street appeal. Will meet with the sellers this weekend and possibly tie up the property. I really don’t want to assume the loan but I’m a little worried about what the VA may do if it goes to a trust.
VA assumptions - Posted by Scott Ashbaugh
Posted by Scott Ashbaugh on April 17, 2002 at 20:32:42:
Guys, I am no expert, but I have been told a number of times that you can buy a VA property subject to. There are ways to show that it is “basically” a land contract, that you have a contract to purchase to make there payments.
The issue you need to be aware of is that the seller now cannot go out and get another VA loan. If what I am told is correct, they can only have one at a time.
I just wouldn’t want you to tell Mr. Seller that “there are no issues with you buying this way and he can move along and go about his life, and hey, go on out and git yer self another one of those nice ol VA loans.”
Anyone have a correction to this?
Re: Subject to and VA assumptions - Posted by Richard-(FL)
Posted by Richard-(FL) on April 17, 2002 at 17:45:58:
If I were you, I would still go ahead and take the the property sub2.
Just because it is a VA loan, I would not be afraid to do the deal sub2.
In my opinion, it is less likely for the loan to be called due (as compared to taking a property sub2 that has a local lender or private lender as the mortgagee) and even if it was discovered that a transfer of beneficial interest occurred, their process would be slow (after all…VA is a part of the government).
Just remember: do not record the assignment of beneficial interest and things should go well. There is nothing wrong with forming a land trust.
Hope this helps,
Richard-(FL)