How to Assume A VA Loan in 2023 and Capture a GREAT Interest Rate!

How to Assume A VA Loan in 2023 and Capture a GREAT Interest Rate!
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My name is David Pere, I am an active duty Marine, and have realized that service members and the working class use the phrase "I don't get paid enough" entirely too often. The reality is that most often our financial situation is self-inflicted. After having success with real estate investing, I started From Military to Millionaire to teach personal finance and real estate investing to service members and the working class. As a result, I have helped many of my readers increase their savings gap, and increase their chances of achieving financial freedom!
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[@Frommilitarytomillionaire]

Here is the full blog post to read through: www.frommilitarytomillionaire.com/assumable-va-loans/

[@vivalavivala]

Can the veteran applying to take over the assumption va loan be co-signed (no spouse) by family? Hes disabled and retired and doesnt have income to be approve for the assumption.

[@Frommilitarytomillionaire]

Most likely, yes

[@SonnyinColorado]

You are doing good work Dave. Great info. I knew nothing when I got my first home with a VA loan. Everything worked out great.

[@Frommilitarytomillionaire]

Thanks Sonny, I appreciate that!

[@deniseb1782]

Great info… how do you locate people with VA loans

[@Frommilitarytomillionaire]

Probably just scour the MLS

[@DonaldAppleberry]

Helping some clients do this process now! Great info.

[@Frommilitarytomillionaire]

Thanks brother!

[@phi765]

Can the same lender for the original (low interest mortgage) allow a second mortgage to be taken out on the balance to be able to assume the loan?

[@denniswetzler2024]

My bank said no, has to be another bank. But you can have 2 mortgages on one house.

[@scottscott45]

If you assume a loan as a disabled vet (80%). do I just pay the remaining balance of the original loan?

[@tracykirkleyrealestate]

Thanks for this. Have a VA Seller w/a 2.25% rate and we want to use this to market the property. I just needed to get a little more info. Been selling for 20 years . . . but this has not been a need until now. Thanks!!

[@Frommilitarytomillionaire]

Love it!

[@wickpoker]

@tracy how did it work out?

[@tracykirkleyrealestate]

@@wickpoker Well, we got it under contract quickly for a VA assumption . . . BUT, the seller's lender then indicated it could take them up to 6 mos to process everything. Neither the buyer, nor the seller could wait that long, so the deal busted pretty quick and then we sold to a different buyer with normal financing. Honestly, I feel I should have done a little more due diligence on my side with the seller's lender . . . lesson learned. Thanks for checking.

[@wickpoker]

Thanks for the quick reply. I don’t blame them for backing out. 6 months is absurd. If a Va loan assumption works out it can be a really great deal for the buyer. I wonder if the seller’s lender intentionally take a long time to process so the deals fall through. Obviously it’s better for the lender to close the loan and put those funds to a new one at the higher rate.

[@HEC892]

@ Tracy can anyone qualify for the VA loan ? I am a first time buyer can I qualify even tho I am not a veteran ?

[@chipwarez5018]

Another thing to keep in mind is the lender who holds the 1st position mortgage can also and probably happily carry the 2nd mortgage. I owe 247k at 2.5 and am asking 380k i already got permission from my primary mortgage company and got the 3rd party authorization form to discuss the loan and qualify for the 1st and even apply for the 2nd with them on the difference 133k

[@VanessaG06]

I am intending to refinance. Do you know of the interest rate will go down in June? Do you know when the mortgage federal rates will be published for 2023 and which company do you recommend for an easy VA refinance?

[@VanessaG06]

My house is 400k

[@Frommilitarytomillionaire]

I'm not going to try and predice what rates will look like in the coming year or two, sorry. They have come down a bit recently, and i would imagine they will, but I wouldn't bank on it either.

[@jameshan7803]

Do buyers still have to live in the property for a year before they can rent it out?

[@Frommilitarytomillionaire]

yes. You can house hack though! Join my free webinar on Wednesday to learn how! opportunities.frommilitarytomillionaire.com/va-house-hacking-webinar

[@christopherbusch1618]

Hey Dave, I’m currently working on assuming a VA loan as a vet. I am being denied do to low DTI. I have three rental properties that are cash flowing and the income is not counted due to not being on my tax returns for at least 2 years. Is there any creative way you could think of to get around this? Appreciate all your info and it’s been great to see your journey, thanks- Chris

[@Frommilitarytomillionaire]

Do you have a property manager? If not, just ask the lender if putting them under a property manager with 2 years experience would change that. It should!

[@AngelaDouglas-u2t]

So does the deed transfer when a civilian does a VA assumption loan like any other mortgage product? Is a title search done to make sure that the seller did not take out a second mortgage?

[@Frommilitarytomillionaire]

Yes, and yes.

[@gcoveart]

If I am on the note already with another individual, could I still assume the mortgage and remove the second person?

[@agentwealthhustle]

Thank you for creating this one!

[@Frommilitarytomillionaire]

Thanks for engaging :)

[@Milk764]

Selling my property lookin for a vet to assume the loan really low rate 549k property and in the sunshine state moving to Texas and will be willing to work with someone serious about buying a home happy new year

[@CaliBrett909]

Military spouse here and I want to say thank you sir 🫡

[@Frommilitarytomillionaire]

Anytime, glad to help!

[@tuneski8890]

Since it’s a deal between the seller and the buyer, do you really need an agent (who would normally get a commission) to work with or does that seller get the full amount difference from the home value and remainder of the mortgage owed ?

[@denniswetzler2024]

Don't need a realtor. If you already have a buyer or go the private way, you can list on MLS and advertise your home yourself. That's what I'm doing. I found someone I work with who wants to buy it.

[@myobmyob2215]

Whats the big secret about assumsble loans getting wierd feedback from multiple people about it Thsnks realistically what are the problems

[@Frommilitarytomillionaire]

to my knowledge, there is no secret. They just aren't easy loans to do.

[@myobmyob2215]

@@Frommilitarytomillionaire Well I cant throw a rock out here without hitting a real estate agent but no one wants to hear talk or get educated about VA loans or assumable options or anything veteran related. Thanks

[@cashflokingrealist4763]

My ex won't sign the release of liability because she is concerned her VA loan certificate will stay with the loan. Won't my certificate be used to assume the loan so she can walk away with her certificate?

[@Frommilitarytomillionaire]

If you sign the release of entitlement and do the full process, yes.

[@cashflokingrealist4763]

Thank you so much for your quick response. I have another question because I discovered that my VA certificate of eligibility is the certificate active on the loan so is there a need to go through the assumption process if I am already using it as the primary borrowing Veteran?

[@Frommilitarytomillionaire]

@@cashflokingrealist4763 I don't believe so, but the best answer is email me at [e-mail] with the state the home is in (remind me that you're the person from this comment) and I'll introduce you to a lender who can better answer that question.

[@elanahammer1076]

Thank you 🤔❤🇺🇸

[@Frommilitarytomillionaire]

Anytime!

[@jeremygaal9946]

So if I heard that correctly if I assume a VA loan I have to occupy the property? Would that change if I was a civilian?

[@Frommilitarytomillionaire]

Nope, it is still a primary residence mortgage, even when assuming

[@jeremygaal9946]

@@Frommilitarytomillionaire makes sense, thanks for the info

[@myhouse-yourhouse]

@@Frommilitarytomillionaire you means we can use it for rental with assumed owner occupied VA loans ?

[@Frommilitarytomillionaire]

@@myhouse-yourhouse the person assuming the loan had to intend to occupy it upon assuming.

[@deniseb1782]

Any real estate agents in California

[@Frommilitarytomillionaire]

happy to make an intro: www.frommilitarytomillionaire.com/va-realtor

[@k5nutt]

Would be an awesome deal if one had the extra 100k plus laying around...looking at one right now as a vet, they bought it for 225k...had it for 4 years asking 360k.

[@Frommilitarytomillionaire]

Ask them to carry a second for the difference!

[@hanshazlitt4535]

Please make this one a long episode. Lay out the process from beginning to end. I have a friend wanting to buy a house after deployment using a VA loan + BAH to cover the mortgage payment

[@Frommilitarytomillionaire]

It's already done :) the Playlist has multiple videos that walk thru that, and the blog has a few articles that do as well...and my book is a one stop shop :))

[@makaladeclouet6582]

So I can assume my vet step-fathers loan without paying the full difference? He’s incarcerated pretty much for the rest of his days and wants to sell me his house as cheaply and quickly as possible.

[@Frommilitarytomillionaire]

Yes, you could assume it at the remaining balance

[@itsbecauseofjesus]

Starting at 3:07

[@Frommilitarytomillionaire]

thanks

[@cashflokingrealist4763]

I'm divorced, and the on VALoan she was a co-signer. How can I get her off my VALoan? Do I have to assume it to myself?

[@Frommilitarytomillionaire]

You will have to refi, sell, or otherwise buy out her ownership of the home, yes.

[@outofthebox5441]

Awesome!!!!

[@Frommilitarytomillionaire]

agreed!

[@denniswetzler2024]

I'm selling my home with 2.5%apr. 147k assumable 50k down(200k) South Texas. RGV 2108 sqft 4br 2ba

[@Frommilitarytomillionaire]

post it in the FB group: facebook.com/groups/militarymillionaire

[@dalemanagementllc147]

It’s Cpl Crumb we were in the Corps together could use your help brother how do o get ahold of you

[@Frommilitarytomillionaire]

Shoot me a message on IG @frommilitarytomillionaire

[@joshb4002]

Can you explain what you mean at 18:13 when you said "find someone who does a second position?"

[@Frommilitarytomillionaire]

Second position means to hold the remainder of the equity as a second lien. Ownder finance second mortgage, etc. It's riskier than a normal mortgage though, and most lenders won't do it

[@joshb4002]

@@Frommilitarytomillionaire could you not just take it over subto and skip the formal assumption process? Sorry if this is dumb question

[@Frommilitarytomillionaire]

@@joshb4002 of course, but this video was about how assumptions work. That is a different type of transaction, and not the point of what I was teaching here.

[@corbycarter8257]

“That rate is very valuable.” In my experience, not many people understand that.

[@Frommilitarytomillionaire]

agreed!

[@BarryBritton-t8j]

I'm pretty sure the biggest obstacle to VA loan assumptions is real estate agents. They don't want to deal with them. They want a quick sale so they can get that quick money and these are not quick even though they're so much better for everyone involved and can save buyers hundreds of thousands over the life of the loan. It's like pulling teeth trying to get my agent to advertise my assumable loan. Also, legislation needs to be passed that increases fees associated with underwriting of VA/FHA assumptions to give lenders incentive to not drag their feet. Assumptions could bring the market back to life if the stigma associated with them weren't so prevalent. S/F

[@Frommilitarytomillionaire]

That's why people should use my recommended agents. They do!

[@vegasflipperjay]

Dope

[@Frommilitarytomillionaire]

thanks brother!

[@adamjohnson3018]

Hey Dave, - Thx for the Video. I'm working on getting some assumptions rolling for my buyers. Any help would be great... Adam Johnson eXp Realty LLC -

[@Frommilitarytomillionaire]

Love it!!

[@mccainjay]

Too much blather.

[@Frommilitarytomillionaire]

@mccainjay good luck finding a more thorough source.

[@HousesandCars]

18 days? 😋

[@Frommilitarytomillionaire]

Shoot, that was meant to be scheduled, not set as premier, haha...yeah, I have content lined up for the next 3 weeks, haha