WANT YOUR VA LOAN TO DO DOUBLE-TIME WHEN SELLING YOUR HOME?
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Starting with 5 important things to consider when selling your home with an assumable VA loan.
Selling your home with an assumable VA loan opens up your property to a broader range of potential buyers. Those eligible for VA loans, including active-duty military members, veterans, and certain surviving spouses, can take advantage of this feature. By increasing the buyer pool, you improve your chances of finding a suitable buyer quickly.
In a competitive real estate market, offering an assumable VA loan can give your property a unique selling point. Buyers may be attracted to the opportunity to assume a VA loan with its favorable terms, such as low or no down payment and potentially lower interest rates compared to other loan options.
The assumption of an existing VA loan typically involves less paperwork and can expedite the closing process. This can be advantageous for both you as the seller and the buyer, as it reduces the time and effort typically required to secure a new mortgage.
The ability to assume a VA loan could lead to an increased willingness among buyers to pay a premium for your home. If interest rates have risen since you obtained the VA loan, the assumption can be especially attractive as the buyer can lock in a lower interest rate, potentially making your home more valuable to them.
When a buyer assumes an existing VA loan, they may save on some loan fees and closing costs that are typically associated with obtaining a new mortgage. This potential cost savings could be an added incentive for buyers, making your home more appealing in comparison to other properties on the market.
As with any decision related to selling your home, it’s essential to consider your specific circumstances. To get a more accurate assessment of how much more you can make on the sale of your home with an assumable VA loan, consider consulting a local real estate company like Coldwell Banker Vanguard Realty, who can provide insights into your specific market and conduct a comparative market analysis for your property. Take the time to evaluate the local market, potential buyer preferences, and your financial goals to determine if selling with an assumable VA loan is the right choice for you.
5 Most Common Questions about VA Assumption Loans
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The VA Mortgage Loan Program has gone through a myriad of changes over the years, and they all benefit the Veteran. Having your present loan assumed does not preclude you from obtaining another VA loan, however, it may affect the size of the loan that you can obtain without a downpayment. Only the Veterans Administration can determine how large of a loan you can obtain without a downpayment. There is a process to determine this, but there is no cost or obligation and our dedicated VA Loan Specialists can assist you.
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The person assuming your loan only needs to be able to financially qualify to be able to assume the loan. When the purchaser has “qualified” the loan is then in the purchaser’s name and the Veteran has no further liability.
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There is not a set cost, however, your present mortgage lender may charge a fee, that the lender sets. The Assumption Fee is typically paid by the purchaser. Other standard seller closing costs are incurred, as with any sale.
One of the many enhancements to the VA Mortgage Loan program is the ability of a Veteran to obtain another zero downpayment mortgage loan. However, if the price of the property being purchased exceeds the amount of the VA guarantee the purchaser will have to make a downpayment of a portion of the overage. Only the VA can determine how much eligibility a Veteran has available for an additional mortgage loan. There is no cost or obligation to have one of our dedicated VA Loan Specialists assist you in determining this. Since the answer is probably part of your decision about allowing a purchaser to assume your present VA loan it is wise to determine your remaining eligibility prior to placing your house on the market.
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There is no cost to the Veteran to have a Coldwell Banker Vanguard Realty VA Loan Specialist answer your questions and assist you. There is a small charge to a purchaser for our service and the purchaser will probably incur a cost from you lender for effecting the transfer. Please feel free to contact us in the manner that is easiest for you.
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Coldwell Banker Vanguard Realty has assembled The VA Assumption Team, which is specially trained in providing Veterans with the right answers for maximizing the value of your VA loan, marketing, best price, and accurate processing information about its value.
In the current real estate market, your favorable mortgage terms and interest rate makes your loan an asset some purchasers will pay more for!
Our team of specialists is available, without obligation, to answer questions you may have about your VA loan and its additional financial value, and are committed to ensuring your loan is handled with care.
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