- May 27, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Can You Transfer a VA Loan to a New Property?
I am in need of clarification on a certain matter regarding our current home loan under a VA loan. Recently, my wife was informed by a realtor that we have the option to sell our current house and transfer the existing loan to a new property. This would mean keeping our favorable 2.5% loan on a $500k property and seamlessly moving it to another house.
On the surface, this suggestion seems dubious to me, as I find it hard to believe that such a transfer is possible. The realtor, on the other hand, is quite insistent and claims that this process falls under the category of loan assumption. However, I am skeptical about the accuracy of this information and suspect that there may be some deception involved in the explanation provided.
In light of these conflicting statements and uncertain circumstances, I am seeking reassurance and clarity on the validity of this proposal.
Additionally, the realtor has asserted that the low 2.5% interest rate attached to our current loan would also apply to the new property, preventing us from facing a substantial rate hike up to 7%. This assertion raises further doubts and prompts me to seek outside perspective on the matter.
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****** just grabbed a
That isn’t right. You have to sell to increase the amount of VA loan you can have. It will be a new loan at new rates.
I am a mortgage loan officer. I can tell you with 100% certainty that the realtor is wrong.
She almost certainly has read somewhere about porting a mortgage, possibly in the National Association of Realtors magazine, which was stupid enough to write an article about it about 6 months ago, because they’re clown shoe wearing morons who use Chat GPT to write articles.
However porting a mortgage is a concept that exists in Canada, which we are not in or part of.
TLDR, No you can’t take your interest rate with you.
It’s possible your agent was talking about your VA loan being assumable. As an example, a prospective buyer can assume your current loan and current rate and pay or take out a loan for the difference. On this scenario it would benefit the buyer.
This is the one law I’d change if I had the power. Allow people, especially veterans, to transfer their current mortgage. Qualifying for additional is different but if someone has $300k left on their VA mortgage and bought a House for $600k, they should just have to pay the difference or take a second mortgage.
But no, currently not a thing.
Nope. New home, new loan.
your agent is a moron.
That is 100% incorrect. You can’t transfer the loan rate. Someone can assume it if they buy the house from you and the loan allows. But you can’t transfer the rate.
LOL – no, this cannot be done. At least not in the US.
Holy shit you’re realtor doesn’t know a damn thing
Correct information, just make sure it’s legal and all the info is good to go. It’s called “Porting a mortgage.”
[https://smartasset.com/mortgage/how-does-a-mortgage-transfer-work](https://smartasset.com/mortgage/how-does-a-mortgage-transfer-work)