Your Quick Guide to VA Assumable Loans

Hey everyone!

Let's dive into a hot topic: VA assumable loans. What are they, and why should you care? Whether you're buying or selling, here’s what you need to know:

For Buyers:

Loan Terms: When you assume a VA loan, you're taking on the original terms of the seller’s loan—rate and period stay the same.
Paying for Equity: You'll need to figure out how to pay for the home's equity outside the loan. Common methods include using cash, retirement funds, or a generous gift.

For Sellers:

VA Entitlements: Your VA entitlements are tied to the property until a VA-eligible buyer assumes your loan, freeing up your entitlements for future use.

Bottom Line:
Assuming a VA loan comes with its perks and quirks. It’s crucial to have a realtor who's savvy about these loans to guide you through the process. This decision impacts your financial journey, whether you're aiming to buy your dream home or sell and move on.

Got questions or need advice? Drop a comment below. Here to help you navigate your home buying or selling journey!

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