VA Assumable Loans
Non-veterans CAN assume VA loans! Learn how to take over a low-rate VA mortgage and save thousands
Assumable Mortgages Nationwide
of VA Loans Below 5%
Average Annual Savings
Assume VA Loans
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Key Point: Non-Veterans CAN Assume VA Loans
While VA loans were originally designed for veterans, anyone can assume an existing VA mortgage. You do not need to be a veteran, active-duty military, or have any military connection to assume a VA loan. As long as you meet the lender's credit and income requirements, you can take over the seller's VA loan and enjoy their low interest rate.
What is a VA Assumable Mortgage?
A VA (Veterans Affairs) assumable mortgage allows a buyer to take over the seller's existing VA loan, including its interest rate and terms. VA loans are assumable by anyone—veterans and non-veterans alike—making them one of the most accessible types of assumable mortgages.
VA Assumption Requirements
Credit Score
620+
Typically required, though exact requirements vary by lender
VA Approval
Required
The VA must approve the assumption, but you don't need to be a veteran
Assumption Fee
0.5%
Of loan balance (waived for disabled veterans)
No VA Funding Fee
$0
Unlike new VA loans, assumptions don't require a VA funding fee
VA Entitlement Considerations for Sellers
When a VA loan is assumed, the seller's VA entitlement remains tied to the property until the loan is paid off or refinanced. This means the seller cannot use their VA benefits to purchase another home using a VA loan until the assumption is released. However, if the buyer is a veteran who will substitute their entitlement, the seller can be released from liability.
VA Assumption Process
- Find a VA assumable home: Search for listings with VA loans or work with a specialized agent.
- Submit assumption application: Apply with the existing loan servicer and request VA approval.
- Meet credit and income requirements: Provide documentation to prove you qualify (credit score 620+, income verification).
- Pay equity gap and fees: Cover the difference between home price and loan balance, plus the 0.5% assumption fee.
- Close and assume the loan: Transfer the loan to your name and start making payments at the assumed rate.
Pros and Cons of VA Assumptions
Pros
- ✓Lower interest rates (2-4% vs. 6-7%+)
- ✓Save $500-$1,500/month
- ✓No VA funding fee
- ✓Available to everyone (veterans and non-veterans)
- ✓No PMI (Private Mortgage Insurance)
Cons
- •0.5% assumption fee (unless disabled veteran)
- •Longer processing time (45-90 days)
- •Must cover equity gap
- •Fewer assumable homes available
VA Assumable Loan FAQ
Yes! Non-veterans CAN assume VA loans. While VA loans were originally designed for veterans, anyone can assume an existing VA mortgage as long as they meet the lender's credit and income requirements. You do not need to be a veteran to assume a VA loan.
To assume a VA loan, you typically need a credit score of 620 or higher and must meet the lender's income and debt-to-income requirements. The VA must approve the assumption, but you do not need to be a veteran.
The VA assumption fee is 0.5% of the loan balance. This fee is waived for disabled veterans. For example, on a $300,000 loan, the assumption fee would be $1,500.
The seller's VA entitlement remains tied to the property until you pay off the loan or refinance. This means the seller cannot use their VA benefits to purchase another home until the loan is paid off, unless they meet certain exceptions.
No. When you assume a VA loan, you do not receive VA benefits. You simply take over the seller's existing loan. If you want VA benefits, you would need to be a qualified veteran and use your own VA entitlement for a new purchase.
Look for listings that mention "VA loan" or "assumable" in the description. You can also search MLS with keywords like "VA assumable" or work with an agent specializing in assumable mortgages.
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