Is this an assumable loan and at what interest rate? Would this home qualify for a VA loan?

Asked by Larry Thornton, 3156 Nokomis Trl., Clyde, Mi. 48049 Thu Dec 18, 2008

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This question is about this property: http://www.trulia.com/property/1053372696-9274-Hawksridge-Dr…

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Doug Garner, Agent, Independence, KY
Thu Dec 18, 2008
This property is now pending (has an accepted offer) and is scheduled to close soon. However, there are lots of properties available in the same price range and area. I agree with Luke in his answer that obtaining a new VA loan would probably be the best way to go. VA loans are assumable by qualified vetrens but the interest rates are so much better now than anything that you could assume. You could probably save a couple hiundred bucks a month with a new loan. Call a good agent or start with a mortgage loan officer who does VA loans.
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Luke Allison, , Asheville, NC
Thu Dec 18, 2008
You probably would not be able to assume any loan in this market. You would be better off going with a VA purchase anyway. I can't see any reason why it wouldn't be eligible unless there is a lot of damage on the interior or health/safety issues.

If you need any help obtaining a VA loan or have any questions, feel free to contact me.

Luke Allison
Flagstar Bank
828-777-8828
Luke.Allison@flagstar.com
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