Posted by Carol on October 16, 1998 at 10:00:44:
Yes, they are assumable with qualifying… the old ones were non qualifying.
And yes, good deals happen.
Is there an additional payment that the seller wants above the assumable loan - a cash down payment or a second that he is holding?
Or does he just want “out” ?
Look, we all deserve a few really good ones - that come thru relatively easily - to make up for the tough ones!
Congrats!
Carol
VA Assumable??? - Posted by Jerry Seibert
Posted by Jerry Seibert on October 16, 1998 at 09:26:57:
I am working on a deal that will give me a good rental property in a nice neighborhood. VA assumable, Low payments, approx. 10 years left on the note, some fix up work is involved. Am I missing something here or is this a steal waiting to happen?? Any advice encouraged…
Thanks,
Jerry
Good Deal? - Posted by David Alexander
Posted by David Alexander on October 16, 1998 at 16:39:26:
No one can answer whether or not it’s a good deal
unless you supply some numbers.
Is your goal cash flow? Tax write offs? Long term equity build up? Do you really want to fix toilets?
If it is a deal, I would Wrap it and sell it.
But, then again I’m trying to build cash flow.
Read the book Rich Dad, Poor Dad.
Carry the paper.
David Alexander
Re: VA Assumable??? - Posted by Jimbob
Posted by Jimbob on October 16, 1998 at 10:41:00:
Jerry,
This sounds like a pretty good deal but it may not be for the seller. When somebody assumes a VA loan, the seller of the property is not released from the liability of the loan unless the VA issues a certificate of liability release to the seller. In order for that to happen, you may have to fully qualify to take over the loan. If the seller does not get the release from the VA, he/she cannot buy another house with their VA guarnatee until you payoff the loan.
This in not always the case but most times it is, you’ll need to read through the original loan documents to find out.
Jimbob