On our VA Loans Q&A with the Department of Veterans Affairs, Military.com and several other organizations, someone asked this two-part question: What is an assumable mortgage, and, if the veteran doesn’t use his or her VA loan benefit, can his or her children use the VA loan benefit through an assumable mortgage? VA Loan Assumption
Although assumable mortgages aren’t common nowadays, FHA and VA loans are assumable. Ask the sellers for a copy of the loan documents to review. Look to see if the mortgage note includes a due-on-sale.
Assumable Loan. A mortgage that the borrower may transfer to another party. That is, upon the sale of real estate with an assumable loan, the seller (who is the borrower) lets the buyer take over the mortgage, which allows him/her to buy the real estate with the same as the original loan. Most VA and FHA loans are assumable.
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