No, you can assume the loan as a non-occupant (investor). The terms of the mortgage are fixed, so you wont pay any more buying as an investor than you would as an occupant.
You are assuming the existing veteran’s terms, whatever they may be. The veteran probably purchased with little or no down payment, so the same conditions will apply to you when you assume the loan.
For investors, the value is primarily determined by the anticipated rental amount versus monthly cost and initial investment. 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.
VA loans granted to owner-occupants do not have mortgage insurance and charge below market interest rates. As the buyer, you are taking over these existing terms. Additionally, the seller has already paid a portion of the amortization schedule – instead of 30 years of remaining payments, you will have 29, 28, 27, or fewer. This … 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.
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.