VA Loan Assumptions: A detailed explanation of how they work

Love our videos? Then you'll love working with us even more! ==================================== One of the many, many benefits of VA home loans is that they're assumable. That means that someone else can take over your home loan for you. When they do so, they get to enjoy all of the benefits of your current loan, including the interest rate, remaining loan balance, and monthly mortgage payment. But they also take on all of the legal and financial responsibilities of owning the home. In order to qualify for an assumption, your loan has to meet certain conditions. For starters, you must be current on your loan payments. In addition, the person who is assuming your loan has to meet all of the lender's financial requirements and be willing to pay all of the fees. Finally, the lender has to be willing to do an assumption, since the VA doesn't require them to do so. Now, there's still a lot more to assumptions than what we covered here, so make sure to watch the full video to get a full list of the benefits and risks of doing a VA loan assumption. ===================== Give us a call today! 844-326-3305 Not ready to call? Text us! 385-257-3266 ===================== Like, subscribe, and follow us to stay connected with the latest VA home loan info. YouTube -    / lowvarates   Facebook -   / lowvarates   Instagram -   / lowvarates   Twitter -   / lowvarates   Pinterest -   / lowvarates   This video is not intended for residents or homeowners in the states of WA, NY or MA. Low VA Rates NMLS# 1109426 Archived video notice: This video is not current and may contain content that, while accurate when recorded, may not reflect current market conditions. As is customary on the YouTube platform, older videos remain in our account for transparency and statistical purposes, and we do not necessarily have control over which older archived videos YouTube’s algorithm may suggest for you. For that reason, please always check the date of a video to ensure that it is dated recently before relying on its contents. The mortgage market is very dynamic and laws, regulations, rates, and programs are always changing. If we have a more up-to-date video on the same subject, you should be able to sort our videos by date uploaded on our main channel landing page:    / lowvarates  . This video is not applicable to borrowers in the State of Washington. This video is not intended for residents or homeowners in the states of NY or MA.