VA Assumption by LLC - Posted by Bob-Tx


#1

Posted by Jason-DTX on March 01, 1999 at 20:12:59:

If its a real NQA then your LLC can assume it. Becareful and read the deed of trust, I’ve found FHA and VA loans that were originated before the “Magic Dates” and they still had Due on Sale Clauses. The DOS clause was in the form of a “rider” that was attached to the Deed of Trust.
You would be better off to form a land trust and have the land trust assume the note instead of your LLC. That will still get it off the seller’s credit report and keep your LLC free from the debt. You could always take it “subject to” but its better to have a land trust assume it so that it won’t keep reporting on the seller’s credit report.
Read the Deed of trust to be sure of the NQA status.
A true NQA can be assumed by anyone or any entity.
Jason


#2

VA Assumption by LLC - Posted by Bob-Tx

Posted by Bob-Tx on March 01, 1999 at 17:36:00:

Am in the process of making an offer and will be assuming an existing VA NQA loan. Will the VA have a problem with my LLC buying the property or will they require it to be bought by me personally? Are there any requirements for owner occupancy by VA? This is a loan originated in 1988.
Thanks,
Bob