Zachary Love 
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
Overview of the assumption process Goals: Educate on the basic process Gently promote Providwell as a competent sherpa Scare people a little. This might not be easy without help (and isnt worth thee risk) Outline/Pertinent details: Working with the servicer Challenges of loan underwriting Every Borrower is unique Documentation requests and delivery can be challenging. … Read more
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.
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
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.
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.
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.