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5 Steps to Assuming a VA Loan

Welcome to our comprehensive guide on assuming a VA loan, tailored for both buyers and sellers to fully understand the VA assumable loan process. This video demystifies each step, ensuring you're equipped to navigate this beneficial but often overlooked option. What You'll Learn: 1. Pre-Approval Necessities - Discover why getting pre-approved is crucial, especially given the high denial rates for assumable mortgages, and what it means to take over a mortgage with its remaining life and balance. 2. Seller's Initial Steps - Understand the seller's role in contacting their servicer to initiate the loan assumption process and how you, as the buyer, fit into this equation. 3. Engaging with the Servicer - Learn how to effectively communicate with the mortgage servicer, present your financials, and the possibility of securing a second mortgage or HELOC up to 90% CLTV. 4. Underwriting Process for Assumption - Get insights into the underwriting requirements, including the need for credit and income qualification, and the advantages like no need for appraisal or termite inspection. 5. Closing Insights - Know what happens at closing, including the financial implications and the specifics of what costs you will be expected to cover. Why Watch: Speed Up Your Process: Understanding these steps can significantly expedite your assumption process, reducing typical closing times. Investment Potential: Learn how assuming a VA loan can be a smart investment strategy, applicable for primary residences, second homes, or investment properties. Save on Costs: Gain crucial insights into how the assumption process can save you money in various aspects of the mortgage transfer. This guide is invaluable for anyone considering a VA loan assumption, whether you're a first-time buyer or a seller looking to offer this attractive option. Join us as we break down each step, ensuring you have all the information needed to proceed with confidence. Don't forget to like, subscribe, and click the bell icon for more insightful real estate and mortgage advice! #VALoan #HomeBuying #RealEstateInvesting #MortgageTips #Veterans 00:00 - 00:33 Introduction to VA Loan Assumption Process 00:33 - 01:05 Pre-Approval Importance for VA Assumption 01:05 - 01:42 Cash Needed for Closing and Second Mortgage Options 01:42 - 02:18 Taking Over Existing Mortgage Terms 02:18 - 02:52 Seller's Responsibilities and Loan Term Details 02:52 - 03:20 Understanding Earnest Money and Reamortization 03:20 - 03:52 What the Seller Needs to Do in the Assumption Process 03:52 - 04:18 Working with the Servicer and Required Documents 04:18 - 05:32 Assumption Process Timeline and Eligibility 05:32 - 06:04 Substitution of Entitlement and Release of Liability 06:04 - 07:03 VA Loan Assumption for Civilians and Veterans 07:03 - 07:32 Contacting Servicers for Financial Information 07:32 - 08:00 Pre-Approval and Second Mortgages for VA Loans 08:00 - 09:07 Example of Loan-to-Value Calculations 09:07 - 10:52 Notice of Value and Second Mortgage Considerations 10:52 - 11:26 Underwriting Process for VA Loan Assumption 11:26 - 12:20 Potential Overlays and Appraisal Requirements 12:20 - 12:48 Final Steps for Closing the VA Loan Assumption 12:48 - 13:53 Entitlement Rules and Closing Costs for VA Assumption ► ► Get Pre-Approved With My Team → https://bit.ly/ApplyToday_VA ► ► Get Your Certificate of Eligibility → https://bit.ly/COEreview 🏦 FREE Loan Estimate REVIEW → https://bit.ly/EstimateReview DISCLAIMER: The content of VA Housing Education at Waterman Bank is meant for educational purposes only. We will not extend credit of any kind without speaking to a loan officer. Any calculations should be verified independently. This website should not directly be used to make decisions on home offers, purchasing decisions, is not guaranteed to provide accurate results, imply lending terms, qualification amounts, or real estate advice. Seek counsel from a licensed real estate agent, financial planner, accountant, and/or attorney for real estate, legal, and/or financial advice. The views expressed on this site and videos are those of the individual author and do not necessarily represent those of Waterman Bank and are not intended to provide legal or compliance advice. VA Housing Education at Waterman Bank is not affiliated with or approved by the VA, FHA or any other government agency. Contact Waterman Bank for your lending needs.