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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]OP are you still here?
I'm just nosy and like the pp above me, am really curious what the situation is?
Do you already have an accepted offer on a house, using assuming their VA loan?  Or were you just hoping to make such an offer?[/quote]

OP here! No current contract underway. I'm just exploring options at this point and curious. I recently learned that it is legal for civilians to assume VA loans, so I created this post to try to learn more. Assuming a loan with an ultra-low pandemic-era interest rate would increase our buying power significantly compared to current interest rates... but most assumable loans are VA loans, and my household is entirely civilian. Hence the question.[/quote]

Doesn't hurt to ask, I guess.   I was surprised to learn this was even allowed, and even more surprised to read here that some posters would be fine giving up their VA loan.
A pp already mentioned this, but I wanted to emphasize, that you need to come up with the difference in the sales price and the loan.  So say for example, you are buying the house for $800k, and the veteran seller still owes $500,000 on their VA loan.  You need to come up with that $300k difference--you can't use the VA loan to finance more than what the original loan holder took out.[/quote]

I'm aware, but the equity payment is in lieu of a down payment. There is no down payment when assuming a loan, just covering the equity gap. If someone bought in 2020 and snagged a 2.5% interest rate, they only have 5 years of payments behind them, so the equity may only be between 10% and 20% of the home value... so, no more than a down payment. Obviously if they have more years of mortgage payments behind them, you could be talking about a much higher % of the home's value.[/quote]

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