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VA Loans - All mortgages executed after March 1, 1988, require that the buyer be creditworthy to assume a seller’s mortgage. If a VA Loan is being assumed by a veteran with a home loan eligibility, the seller may also request to have their eligibility re-instated upon completion of the assumption.
A VA loan is a mortgage loan in the United States guaranteed by the United States Department of Veterans Affairs (VA). The program is for American veterans, military members currently serving in the U.S. military, reservists and select surviving spouses (provided they do not remarry) and can be used to purchase single-family homes, condominiums, multi-unit properties, manufactured homes and ...
VA loan assumptions are especially beneficial when interest rates are rising. While loan assumptions require extra steps — the lender must approve, and the seller has to keep their full VA loan ...
While the VA doesn’t set any income requirements or debt thresholds, it does care about how those two factors interplay. Generally speaking, the VA requires borrowers to have a debt-to-income ...
Refinancing a VA loan. There are two main ways to refinance a VA loan: with an Interest Rate Reduction Refinance Loan (IRRRL), also known as a VA streamline refinance; or with a VA cash-out refinance.
Here’s what a typical VA loan process looks like: Step 1: Determine if you are eligible for a VA loan. Before you start shopping for a VA loan, figure out if you meet the VA loan eligibility ...