When you use your VA loan to buy a house, it is an “assumable loan”. That wont mean anything to you until it is time to sell your house. Lets say you bought your house for 500k and the interest rate was 5%. You get your PCS orders and sell the house 3 years after you bought it. The house is now worth 700k but the interest rates have gone up to 8%. A buyer can “assume” your VA loan but would have to come in with cash. In this example the cash would be approximately 175k (the difference between your current mortgage balance and the sales price). There are a lot more details that go into assuming a loan and Hawaii Military Realty is here to help you navigate through it. Give us a call!

25. Jun, 2024 in Featured 0