If you’re considering a VA assumption, the first step is completing the assumption packet provided by the loan servicer. Here’s what you need to know:

Contact the Loan Servicer: The seller must reach out to the loan servicer—the bank responsible for managing the mortgage—to request the assumption packet. It’s advisable to do this before listing the property to allow time for processing.

Complete Page One: The seller will fill out page one of the assumption packet, which includes essential loan details such as the balance, interest rate, and seller’s information. Additionally, the buyer’s information will be included, along with a third-party authorization form.

Include Buyer Information: Although it may seem redundant, it’s crucial to list the buyer’s information on the third-party authorization form. This ensures that the buyer can discuss loan specifics directly with the bank.

Start the Timeframe: Once the assumption packet is complete, the 60 to 90-day timeframe for processing begins. It’s essential to initiate this process as soon as possible to avoid delays in the transaction.

By completing the assumption packet promptly and accurately, you can streamline the VA assumption process and ensure a smoother transaction. If you have any further questions or need assistance with VA assumptions, feel free to reach out. I’m here to help you navigate the process and address any concerns you may have.