Anyone ever assume a VA loan? I took one for my current house in 2020. Looking at getting another bigger house off market here soon who are asking or assuming their VA loan is a possibility; ideally to keep the prior and rent it out. Never done this so looking for advice and options.

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Haven’t done it myself, but I’ve looked into it! Assuming a VA loan can be a great deal, especially if the rate is low. Just make sure you’re clear on entitlement rules, you might need to restore yours for the new place. Are you working with a lender yet? Curious to hear how it plays out for you!

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Wife works for a lender so we get an addtl .5 off, pre-approval within 24 hrs, and direct engagement with LO

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I didn’t know this was possible, I only thought FHA loans were able to be assumed. I imagine this is going to be a much better route than getting a new loan with a higher rate for a number of years.
Keep us in the loop director !

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It’s possible but can be a PITA and time consuming which can affect the deal. Rates are better right now for VA also

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I’d kill for this but there’s very few vets selling at the same price point that I was looking. Just 1% of the population is vets after all.

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You need to agree to the residence your primary for 2 years when you sign for your loan - so immediately renting isn’t too viable

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Yes, someone else can assume your rate but that means you lose your VA loan entitlement until they sell or refinance, so you won’t be able to draw that benefit again until it’s restored.

What I’ve done in the past is use a VA loan for a condo in San Diego, refinanced to conventional once market value was up >20% thus negating the need for PMI and then reusing my VA entitlement for a new VA loan on my primary home. I had to call someone at the VA to ensure my entitlement was restored, took maybe 48 hours for this to reflect following the refinance close.

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