VA Assumable approved. Can Borrower(s) and Person(s) coming off loan be related: see Questionnaire below
PREPARATION OF DEED and TRANSFER OF TITLE: ? The Deed transferring title from one party to the other: ?I/We need a Deed to transfer prepared ? I/We already have a Deed prepared and/or recorded* (*Please provide copy to Wells Fargo for review)? Marital Status of seller(s) (person coming off the loan): ?Married ?Separated ?Unmarried ?Divorced If married or separated, name of spouse:______________________________________________? Marital Status of borrower(s) if changed since application: ?Married ?Separated ?Unmarried ? Divorced If married or separated, name of spouse:______________________________________________?Relationship between Borrower(s) & person(s) coming off loan: ?Not related ?Related ?Other If related, relationship: ?Spouse ?Ex-Spouse ?Parent(s) ?Grandparent(s) ?Child/Children ?Aunt/UncleAdditional details of your question here by homesa_762_623 from Rancho Cucamonga, California. Feb 23rd 2013
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
As a general rule, VA requires assuming parties to be "Arms Length" parties. Parties that are not "Arms Length" are related in some way. HOWEVER, the decision as to the acceptability of the assuming party, and as to whether or not the original party(ies) are relieved from responsibility are up to the Lender servicing the loan, as they are the ones responsible for making sure the loan remains in conformance to VA standards. Your question is best left to Wells, since they are the ones servicing the loan. If they Say "Yes", then you can. I they say "No", then you can't. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950
Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,249 contributions
Get advice from those involved in rhe transaction...This site is more for general questions.
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