VA assumable home loans are a great option for those looking to become homeowners.
What is a VA loan assumption?
When a veteran (or active-duty service member) purchases a home with a VA loan and then transfers the mortgage to another buyer, it's known as an assumable home loan. The new buyer assumes full responsibility for the existing mortgage agreement. In other words, the buyer takes over the seller's current loan payment. At first glance, the low interest rate can be very attractive, but there can be some drawbacks to assuming a loan. As with any big financial commitment, it's important to understand exactly what you're getting into. To help, we've put together some essential pointers for those considering assuming a VA loan.
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