Can someone assume your VA loan?


Quick Answer

A VA loan can be assumed by any individual who meets the lender's requirements as if he were applying for a new loan, according to Bankrate. Therefore, the buyer must use the original lender when assuming the loan.

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Full Answer

If the buyer is not a veteran, the seller's VA entitlement remains attached to the loan and cannot be used to obtain another mortgage, according to Bankrate. A seller may still be responsible for the debt after the loan assumption; therefore, if the buyer defaults, the seller's credit may be negatively affected, and he may be unable to use the VA entitlement in the future. Appraisals are not usually required to assume a VA loan.

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