does anyone know the process if any, of how to let someone assume the loan that you have now?? i have a va loan on a home in florida, and as many know the market is crazy. i have a frind/coworker thay is interested in assuming the loan. he is obviously a vet as well(active duty). any info would be appreciated.
You will need to contact the bank servicing your loan and get the paperwork from them. Also, since you are selling to another veteran, he can use his eligibility and you can retain yours.
what standards does the va or lender use when allowing a va loan assumption? are the ratios similar for non vet assumption or do they hold them to a higher standard than non vet? any addtional requirements for a non vet assumption?
We are in a position were a VA assumption seems like the only option.We have contacted our lender and are filing for an assumption package.But even through them we can't get much info on the process and the cost of doing an assumption.Can anyone expound on the process? Cost to us,cost to buyer,legal issues,etc.
It costs about $350 give or take. Not much to them really. Just stay on your lender until you get the requested paperwork. Also, the buyer still has to be able to qualify.
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