Re: VA Assumption question - Posted by Irwin
Posted by Irwin on March 01, 2000 at 16:58:56:
I vaguely remember someone at VA once telling me that if the Vet didn’t use ALL of his eligibility on the mortgage loan he can still use the amount left on another loan. That would mean that if the VA eligibility is $125k and he only used $50k for his first loan, he can still use the $75k balance on another purchase.
Also, there might be a way he can get released if the new buyer qualifies, assumes, and the loan has been paid on for so many years that there is substantial equity in the property. However, I’m, not certain of either of these point, so check them out.