va transfer

The only way an assumption would benefit you is if the interest rate on the current loan is significantly lower then what's available today..And my guess is that it's not.. by assuming an existing loan, there will be less fees involved, but with VA, you can finance your fee's anyway and at worst it would be a few thousand dollars.. I just don't see the benefit...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

Take a new loan out to take advantage of the very low interest rates.

In order to assume an existing VA loan, you must be VA loan eligible, must have sufficient income to qualify and must have a credit score to meet the lender's requirements. That said, in today's super low interest rate market, why would you take over someone else's higher interest rate loan? The only time assuming an existing VA loan (same applies to FHA loans) is if the interest rate on the note is better than what you could get on a new loan. That's not likely today. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

if you are a vet, SOMETIMES the assumptions are not inline with the home values, and your loan might be higher than just requalifing for your self, and if is was a forclosure, there can be additional fees added to the loan. linda