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September 28, 2022, 05:43:21 pm
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Author Topic: Assumable  (Read 2402 times)

Offline Wyatt

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Assumable
« on: July 01, 2005, 04:45:47 pm »
Are there any assumable loans out there, OR is that just a myth left over from old out of date tape courses?????
Wyatt

Offline kdhastedt

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Re:Assumable
« Reply #1 on: July 01, 2005, 05:45:43 pm »

There are some still out there.  The bad part is that they are so old that the people holding them have a ton fof equity in them.

Unless a loan has a specific 'due on sale clause' it is assumable.  Most VA loans are assumable but require the person that is assuming to substitute their VA benefits in lieu of the original holder's VA benefit.  This releases the original person's VA benefits to be used again.

Keith
I have CDO...it's like OCD but in alphabetical order - the way it should be!

Offline Wyatt

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Re:Assumable
« Reply #2 on: July 05, 2005, 12:52:21 pm »
That being the case, an investor can only assume a VA loan if he/she is a veteran? Additionaly an investor can only assume one VA note? Am I right?
Thanks for the come-back.
Wyatt

Offline kdhastedt

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Re:Assumable
« Reply #3 on: July 05, 2005, 02:24:11 pm »

No, you can often get the VA to allow the assumption if the new person has decent credit and it's an older loan (read higher interest rate!)...

Ask -- all they can do is say "no"!

Keith
I have CDO...it's like OCD but in alphabetical order - the way it should be!

 




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