he is not in the military. we've had the mortgage for 12 years. thank you by siruislinda865678 from Billings, Montana. Feb 6th 2014
VA loans are typically assumable, but you will have to check with your lender and your son will have to qualify.
Are you willing to loose your entitlement?
VA loans are assumable with qualifying. This will tie up your future VA loan benefits, but as long as he qualifies in terms of "he can make the payment", then YES. You need to talk to whoever you make your payments to today for more details.
The short answer is Yes.. VA loans are assumable, but WITH qualifying.. he would have to apply just as if he was purchasing any other home.. But understand that because he's not in the military and has no VA benefits available to him, then your VA entitlement will be reduced until the loan is paid off.. .. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com
Hello, Your son could possibly assume the mortgage per the responses you received already. However, I would ask what the reason for wanting to take this route is? Depending on your son's qualifications and the amount of equity in the property, there may be a much better way to effectively transfer the home to him as well as all the equity in the house if that is what you are trying to do. I'm happy to help with the financing or just give you advice. If you need more information, or a competing rate quote call, email or use my live support button to discuss or get in touch with me. Web Address is: http://www.loansfromrob.com/quote/ Email is robertlh66@verizon.net and direct phone is 240-752-7549. Good Luck -- Rob Hanson
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