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Reply to "Assuming a VA loan"
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[quote=Anonymous][quote=Anonymous]I’ve read a lot of web pages about this, and it looks like I don’t need to be a servicemember or veteran. But the listing often says “subject to VA eligibility” or similar. What does that mean?[/quote] It means the seller wants to sell to a VA-eligible buyer, so you can “swap” your eligibility. So buyer gets to assume the 3 percent interest rate, but seller still gets to keep their eligibility for zero percent down on their next house and doesn’t have the risk other future eligibility getting ruined if buyer defaults.[/quote]
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