Learn how to assume a VA loan without military experience and save on your next home purchase.
If you’re still looking for the best home loan option, I have news that will surprise you: I found out recently that you don’t need military experience to assume a VA loan. If you’re curious, I’m going over everything you need to know.
What does that mean? I know that FHA and VA loans have this aspect that allows you to buy a house and assume the loan from the seller at a lower interest rate. This gives you a great start with a favorable payment when buying your home.
I always assumed that with a VA loan, you had to have military eligibility and experience to qualify for a VA loan on your own. But it turns out you don’t. Anybody can assume a VA loan, even if you’ve never been in the military. ** ** That is news to me.
How do I know that? Because I am handing keys to an amazing couple today who is doing just that. We’ve learned all about assuming a VA loan. It is a process, let me tell you. This is about digging in and finding ways. They had to go through the process of qualifying for the assumed loan.
“Anybody can assume a VA loan, even if you’ve never been in the military.”
For a $600,000 purchase, if the seller has a $400,000 loan, we still have $200,000 to cover the balance. So there is your down payment, and you’re probably looking at a second loan, whether it’s a home equity line or something else.
While I’m not the lender, I know great lenders who understand these things better than I do. They have dug in, and we’ve been working on this for about a month and a half. We are so excited that today is the day it all comes together, and I get to hand over the keys.
The moral of the story is to keep pushing. Find ways, ask questions, and get answers. Let us help you with that process because we are thrilled to assist great people in getting into great homes.
Let’s talk about how we can get you into that home for today’s price, and then we can work with interest rates again tomorrow. We’re here for all your real estate needs, so let us know how we can be there for you. Message, email, or call us at (425) 422-7372 or Sandy@SandyAndCompany.com.
Remember, our motto is “making lives better.” How can we help you with yours? Let’s connect!
