VA Home Loan Assumptions
Free Listings VA REO's, HUD Homes, and Bank ForeclosuresVA Home Loan Assumptions
VA Home Loan Assumptions
You decide to sell your home and the VA loan was made on or after March 1, 1988, you may not allow someone else to assume that loan or "take over the payments" without the prior approval of VA or your lender. Should you fail to obtain this approval, your lender has the right to declare your entire loan balance due and payable at once and may foreclose the mortgage and file a claim with VA. You would be liable to VA for the amount of any claim paid in such a situation. If you have an older VA loan and do not have to obtain prior approval for someone to assume that loan, you will remain personally liable for any claim paid in the event of loan default, unless you obtain a release of liability from VA.
If the loan was closed after March 1, 1988, the lender or VA must be notified and requested to approve the assumer and grant the veteran release from liability. If the loan was closed prior to March 1, 1988, the loan may be assumed without approval from VA or the lender. However, the veteran is strongly encouraged to request a release of liability from VA in order to avoid owing a debt to the Government if the loan assumer fails to pay the loan.
VA Loan Application
The Veterans Administration loan Online -Apply Now for VA Loan.
VA Documents Needed
Depending on your situation, you will be asked for documentation to support your loan request
What is a VA Home? When a homeowner
of a single, Multy Family or any other type of residence which has been deeded back to the Vetereans Administration by the mortgage companies who foreclosed on an VA Insured Mortgage. More What is a VA Home?about: VA Homes
Income Requirement For VA
Most recent two years complete tax returns with all schedules. More Income Requirementsabout: Employment Information
First Time Homebuyer
Purchase Your First Home with Confidence; Our REALTORS have the experience to help you through the transaction. The information in this website for First time Home Buyer, on loans, about our buyer's specialists, community and school information.. More about: First Time Homebuyer
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