Can I get a VA assumable mortgage?


VA assumable mortgage loans can be assumed without lender permission if they were closed before March 1, 1988. VA and FHA loans have always been assumable. However, even though VA assumable mortgages are easy to get, the seller still maintains liability and will be responsible for the VA mortgage if the buyer defaults.

If the seller wants to transfer liability for the VA mortgage loan to the buyer, the seller should request that the buyer is underwritten by the agencies. Some assumption fees may apply.

Normally, the buyer will be required to undergo the agency's approval for most VA loans. If the buyer is approved and the VA assumable mortgage transferred successfully, the seller will be discharged from liability.

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