Home Loans Grand Prairie

what does assumable loan mean

Assuming a Mortgage with a VA Loan When You Buy or Sell – What assuming a VA loan means for the seller. To pass on your VA loan as a seller, you have to meet certain conditions outlined by the va. For example, your loan must be current – with no late payments – or be brought current through the sale of the home. You also have to find a buyer who is qualified to assume the VA loan.

Reverse Mortgages: What Happens After Death? – Seems that one of the most popular questions we get is what happens with my reverse mortgage and my home after death. After all, the reverse mortgage is intended to be the last loan that borrowers will ever need, so this is a question many Mature Americans and their heirs have on their minds. If they do get a reverse mortgage and it does enable them to live in their homes without paying a.

Assumability Of VA Loans (home loan use) – Assumability Of VA Loans (home loan use) What is an Assumable Loan? A mortgage loan that is assumable allows a new home buyer to inherit the seller’s loan upon the purchase of the home without the terms of the loan obligation being altered.

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What is an assumable contract? – That is not the legally precise definition but that was the market practice. VA and FHA were two areas were contracts (the loan) was assumable. For the most part any time someone wants to assume the.

VA Loan Assumption Process and Requirements – In terms of the potential advantages, having an assumable loan can be a big help if you’re looking to sell during a time of rising interest rates.. But the person assuming the loan does pay a funding fee of 0.5 percent of the loan balance. That fee goes directly to the VA and helps keep the.

Assumable Mortgages – A Key VA Advantage – Military Authority – Assumable Mortgages – A Key VA Advantage. You may have heard your real estate agent or mortgage lender mention that your Veterans Administration home loan is ” assumable .” That doesn’t mean much, unless you are looking to sell the property, or possibly to acquire someone else’s property. But the fact that VA mortgages are, in fact, assumable,

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Real Estate Glossary – Diane Moser Properties, Inc. – A type of blended mortgage loan which avoids private mortgage insurance (PMI). It consists of an 80% – 30 year first lien at market rates, a 10% – 15 year second lien at a.

VA Loan Questions and Answers from Veteran. – VA Loan Questions and Answers. If you have specific question that isn’t listed below, don’t hesitate to contact us. Give us a call at 888-258-6879 or complete our.