Benefits of loan assumption for Seller and Buyer For Seller: Reduced Costs Whereas a traditional real estate sale will cost the seller of a property 6% (on average in San Diego – 5% commissions and 1% transaction costs), an assumption through Providwell will generally shift all of these costs to the buyer. This allows the … Read more
Providwell versus existing options. Often, our clients find themselves in a position where they would like to sell their home, but have minimal equity. This creates a challenge because home sellers typically rely on the home’s equity to pay the selling costs- including realtor commissions and other transaction costs. Traditional options include coming out of … Read more
Yes. You must personally qualify for the assumption of the loan. We are experts at navigating the process and working with the VA to get your transaction approved. We screen your credentials prior to entering a deal, so you can be assured success.
Without our help, they probably lack the 6% in equity needed to pay traditional realty fees plus additional costs. Our target seller has between 2% and 4% in equity.
Our homes come in all shapes, sizes, models, ages, and locations – from fixer-uppers to brand-new. We deal with city homes, mountain abodes, castles, and condos. Any home that is owned by a veteran is eligible to be enrolled in our program.
By being limited to what is available in exchange for a much more affordable home, you’ll have far fewer properties to choose from. However, what you lack in selection is made up for in savings: what is hundreds less per month and tens to hundreds of thousands less over time worth to you?
Mortgage assumption is tricky to find and difficult to complete. We are using our expertise in mortgage and real estate to fill this need in the market. Our program advantages everyone involved – the veteran, the buyer, the VA, and our firm. We have perfected the process for your benefit.
For home buyers, the value is based on what they will pay monthly. We do not require an appraisal, nor does the loan servicer who approves the assumption. There is no bidding – an eligible buyer can enter into a contract at a fixed price.
The home price is set at the current mortgage balance, closing costs, plus our realty fee of 4%. This ends up at about the mortgage balance plus 5%.
VA loans do not have mortgage insurance and charge below market interest rates. By assuming a VA mortgage, you will not only save on your monthly payments, but benefit from paying on an amortization schedule that is already underway – instead of 30 years of remaining payments, you will have 29, 28, 27, or fewer. … Read more
At eXp Realty of Southern California, Inc., Providwell is creating opportunities for home buyers and sellers by providing superior alternatives to traditional real estate through VA home loan assumption.