is my VA loan transferable?
i am willing my home to my step-son. i am a veteran and have a VA mortgage . does my step-son have to be eligible for VA benefits too? I want to make sure the mortgage is not effected as the loan will be paid off in 5 years. thank you. by godeke300 from Cave Creek, Arizona. Apr 29th 2019
Ralph Richard Guertin (ralph@absolutelowrates.com)
#58 ranked lender in Georgia - 807 contributions
William Acres is the man Arizona, he will give you the correct answer shortly...
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
The short answer is Yes.. but only with qualifying.. But realistically, that's not necessary. There is a federal law that states if a person dies, and they will there property to someone, then the heir can assume the loan without having to qualify.. the Garn-St Germain Depository Institutions Act of 1982 protects heirs from losing the home. Understand that the payments must be made on time like any other loan, but they cannot call the note due and payable because the ownership changed as a result of a death. I'm a preferred Lender with California and Arizona being my primary markets. 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 NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893
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