I have a VA Loan on a condo. Is it possible to find someone to assume the loan?

Asked by william_boozer, Jacksonville, FL Wed Apr 24, 2013

4.25% interest rate. Negative equity situation. Its currently rented just looking to get out of it with minimal cost.

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Mike Walsh, Other Pro, Jacksonville, FL
Wed Apr 24, 2013
William,

I am an investor and may be interested in assuming the loan. Please give me a call to discuss.

Mike
904-910-2859
0 votes
Myesha Davis, Agent, Jacksonville, FL
Wed Apr 24, 2013
Quick simple answer, yes if loan was prior to 1988. If after lender may require approval. Word of caution, with assumables entitlement stays with property. Therefore if you wanted to purchase using va again this might cause a problem. Better off if new buyer is VA with entitlement. Also liability of default may also remain with seller. Contact this mother daughter team at myesha@northflhomes.com or 9047420086 visit our website http://www.northflhomes.com
0 votes
Charles Chor…, Agent, Orange Park, FL
Wed Apr 24, 2013
Hi,

When you bought the condo you should have received the mortgage documents which would indicate whether the loan is assumable. Something to consider is the current interest rates on new loans and the negative equity for a new buyer with a potential buyer getting a better transaction by not assuming the current loan.

Call if you have questions.

Charlie
0 votes
, ,
Wed Apr 24, 2013
Absolutely if the condo building is still VA approved
0 votes
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