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Guest
Guest
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 Posted: Fri Jul 15, 2005 12:52 am Post subject: VA loan |
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| I am still paying for a VA loan.can i apply for a second VA loan? |
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 Jessica
Community Mentor
Joined: 08 Jun 2004
Posts: 814
Location: OHIO
195.97 Dollars($)
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| Posted: Fri Jul 15, 2005 2:37 am Post subject: RE: |
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Hi Guest
Welcome to the forums.
You can definitely take a second VA loan but for that you should have qualified for the previous entitlement. You can also avail your entitlement provided you sell the property and repay the loan to purchase another home. The second VA loan can also be approved if a qualified veteran assumes your loan and agrees to substitute his or her entitlement for yours.
In case you have repaid the loan and still own the property, you may get qualified for a second VA loan.
Please let us know about your feedback.
Regards
Jessica. |
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Guest
Guest
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| Posted: Sun Jul 31, 2005 8:35 pm Post subject: |
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| i had taken va loan but now want to sell the property. The buyer will assume the existing va loan so am i automatically released from the obligation of repaying the loan or is there any legal procedure? |
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Jessica
Community Mentor
Joined: 08 Jun 2004
Posts: 814
Location: OHIO
195.97 Dollars($)
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| Posted: Sun Jul 31, 2005 9:29 pm Post subject: RE: |
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Hi Guest.
Welcome to MortgageFit forum.
You are not automatically released from the liability to repay the loan. If the closing has occurred after March 1, 1988, the lender or the VA must be informed about it. They should be requested to approve the person who will be assuming the loan and grant the previous borrower release from liability.
But if the loan was closed before March 1, 1988, the loan can be assumed by anyone without a prior approval from your lender or the VA. However it is better that you request a release of liability from the VA or the lender so that you can avoid owing a debt to the government if the loan assumer or any subsequent assumer defaults and fails to repay the loan.
Hope you will find this information useful.
Please feel free to post further queries.
Regards,
Jessica. |
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