Posted by Sailor on June 27, 2007 at 20:27:11:
It’s been a long time since I’ve done it, but in my experience if you sell to a qualified vet, he/she can substitute elegibility so you can have yours released.
Tye
VA Qualifying Questions - Posted by Kelvin (Austin,Tx.)
Posted by Kelvin (Austin,Tx.) on June 04, 2007 at 17:15:02:
Purchased a new home in 2003 with a VA loan fixed at 5.5% intrest for 30 years. There is 25k in equity at this time and I want to sell the property. There are 2 issues: How do I get Release of liability and Restoration of entitlement. I have gotten several different answers and would like to find out from someone who has actually sold their own house as a veteran, who originated the VA loan or an experienced investor who may know exactly how this really works. Also what are the rules if I wanted to let someone assume the loan? I feel like this is a great intrest rate and would be open to any creative ways to sell as well. Thanks in advance for any help or suggestions.
Kelvin
Re: VA Qualifying Questions - Posted by Jacl E
Posted by Jacl E on June 06, 2007 at 14:54:36:
Release of liability must be obtained from the VA. If you let some one assume the loan, the VA has to approve them for you to get release of liability. If it is just your release you want it is easier. I have done it.
Re: VA Qualifying Questions - Posted by Beth
Posted by Beth on June 24, 2007 at 19:22:06:
You’ll have to contact the VA for release or transfer. I agree w/Jacl E your buyer will have to be approved by them. However, you may want to get your VA released back to you so that you can reuse it on another buy. I’ve done 3 properties like this although it’s been awhile I always keep my VA with me as I understand it you sell your rights to it you can not get another.