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Home Sellers Amazed by VA and FHA Mortgage Assumption Opportunities
Date:9/21/2013

gram_offices/housing/sfh/buying/buyhm" title="Assuming a loan can be very beneficial" onclick="linkClick(this.href)" rel="nofollow">Assuming a loan can be very beneficial, since the process is streamlined and less expensive compared to that for a new loan. Also, assuming a loan can often result in a lower interest rate. The application process consists basically of a credit check and no property appraisal is required. And you must demonstrate that you have enough income to support the mortgage loan. In this way, qualifying to assume a loan is similar to the qualification requirements for a new one," states HUD's website.

"Home sellers need awareness that VA mortgage assumptions have time constraints, adds Thuening. According to a recent article in the New York Times and HUD, VA loans that closed before March 1, 1988, may be assumed without approval from the VA or the lender. Applicants who wish to assume VA loans closed after March 1, 1988, must be approved by the Department of Veterans Affairs or its authorized agent.

Home Destination Points Out Additional Advantages of Selling Assumable FHA or VA Home Loans

1. The home buyer incurs fewer settlement fees at the home closing as well; which makes assuming a low interest rate loan even cheaper. Home Destination recommends that all buyers obtain a home appraisal, even though in this case it is not mandated as in a traditional home sale. Some buyers opt our of it when not required to have one.

2. When assuming a loan, borrowers do not have to pay the upfront mortgage insurance premium required on a new loan. However, assumable F.H.A. home loans still require the borrower covers costs for mortgage insurance over the
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