Is there an easy way to assume my fathers home with a va loan, we are both vets

Hello,First thank you for your service! Yes you absolutely can assume the VA loan, now granted you still have to go through the general approval process, but barring anything out of the ordinary this shouldnt be a problem. Go to www.vawichita.com and use the "Apply Now" feature on the home page and I would be happy to get you going in the right direction.

Call the lender that he is currently making his payments to: depending on when your father took the loan out--you want to make sure that the interest rate is not too much more than rates today--for even on an assumption you will have to qualify (go through the documentation and loan qualification steps)--so if the loan rate is much over mid to high 4's then it might be better for you to go with a new VA loan.I can help you with that should you be in need.Thanks, Rick HamptonBNC National Bank913-221-6517

Absolutely, just make sure that is your best option. An assumption would be handled by the lender currently servicing your father's loan (who he makes payments to). The fees and related costs may be lower for an assumption but make sure his rate is competitive what is available today (roughly 4% depending on your qualifications). The only thing I can think of that might cause a problem is if he has had trouble making payments, that might change the considerations.

you can assume a VA loan but there are no shortcuts, you have to go through the process.

Assuming your Father has an EXISTING VA loan, yes... you can assume that loan.

Yes.. but understand that you must be approved.. the benefit to assuming an existing VA loan, is if the interest rate is substantially lower it would be to your benefit to assume the loan rather than applying for a new loan.. plus you save on the closing costs.. however if the original loan interest rate is higher than today's rate, you might be better off doing a new loan.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

The "easy" way is to take the loan "subject to the existing mortgage", by just starting to make the payments on time. There is very slight risk that the lender could call the loan due, if you transfer ownership to you alone. You may want to add your name to the ownership title, leaving your father on title, also.