- April 28, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Assumption of VA loan between two veterans: A deep dive into the process
Has anyone successfully assumed a VA loan between two veterans? The process of assuming a VA loan can be complex, but it can be a beneficial option for both parties involved. I’d like to hear more about how it went, particularly from the buyer’s perspective. What were the challenges and headaches faced during the process? How long did the entire process take to complete?
Many factors come into play when considering assuming a VA loan, such as meeting the VA’s eligibility requirements, obtaining approval from the lender, and navigating the legal aspects of the transaction. In today’s hot real estate market, sellers may be hesitant to go this route due to various reasons, including the competitive nature of the market.
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Navigating the legal jargon and complexities involved in assuming a VA loan can be daunting. This is where AI Legalese Decoder comes into play, offering a solution by simplifying and decoding legal terms and documents related to the transaction. With the help of AI Legalese Decoder, both buyers and sellers can better understand the legal aspects of assuming a VA loan, ensuring a smoother and more efficient process.
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****** just grabbed a
Just completed a VA assumption last Friday as the buyer…
It was slow. The lender (M&T Bank) advertises 75-90 days as the typical closing for VA assumptions to account for the back and forth they have to do with the VA. We originally set closing for day 75, and ended up closing I belive on day 87.
Thr biggest headache was the amount of paperwork they required which included items I havent had on any previous home loans. Some examples are two years of mortgage and/or lease payments from both the contract side and the actual withdrawals from our bank accounts. They also required justifications for any large transfers of money even if its between your own accounts. They request letters for everytime I moved ~$5K between checking/savings/investments/etc. I cant tell you if these are VA assumption requirements or M&T bank requirements though.
Another thing to consider is how youll cover the equity they have in the house. In our case, the difference between the value remaining on the loan and the purchase price of the house was ~$40K that we covered in cash. I don’t know if you could cover this with another loan if you don’t have the cash because the VA has tighter lending requirements vs. a conventional loan.
Another thing to know is you dont have to be a veteran to assume a VA loan. I am, but i asked that they leave their VA benifits tied to the loan. This does not prevent them from buying another VA loan as long as they they remain below their $ cap. I am a veteran, but i did not use any of my VA eligibility in this transaction. The sellers have already moved into their new home that I was told was purchased with a VA loan so I’m reasonably confident this is accurate. Who is using what VA eligibility is a discussion you’ll have with the seller.
Other things to think about are…
What is happening with their money in escrow at closing?
Are their any escrow shortage payments? The seller should own this, but think about it.
Inspections will likely not start immediately after the offer is accepted, and instead ~45 days before closing. You don’t want to do inspections and then have the seller potentially live in it for another 2 months before closing.
No appraisal or VA inspection needed since you’re assuming a loan that has already been approved.
With all that being said, would I do it again? Yes, without any hesitation. To get a 27 year loan @ 3% on an offer that went out in late 2023 is a win.