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The answer is yes?qualified buyers can assume responsibility for a VA home loan through a process called VA loan assumption.
Instead of applying for a VA loan outright, the child of a veteran may be able to take over an existing mortgage. This is called a VA loan assumption.
Whether you're a VA loan borrower or someone interested in taking over another person's VA loan, you may wonder if the mortgage can transfer from one person to another. The answer is yes?qualified buyers can assume responsibility for a VA home loan through a process called VA loan assumption.
No, VA home loan benefits don't extend to the children of Veterans. Prospective buyers can check with their state or county housing officials to see if any localized programs provide benefits to children of deceased Veterans.
Unless they remarry after the age of 57. However, disabled adult dependents of veterans are not eligible to use a VA loan. Therefore children, cousins, parents or siblings can not use the VA loan either.
The short answer is no, VA loan benefits are not transferable to children. But that does not mean that a spouse or dependent can't live in the home purchased with a VA loan, and it does not mean the home is not transferable to a spouse or dependent under the proper circumstances.
1. How much is the guaranty? VA will guarantee up to 50 percent of a home loan up to $45,000. For loans between $45,000 and $144,000, the minimum guaranty amount is $22,500, with a maximum guaranty, of up to 40 percent of the loan up to $36,000, subject to the amount of entitlement a veteran has available.
The property you purchase with a VA loan must be a primary residence. Second homes and investment properties don't qualify for a VA home loan. And you must move into the new home within a reasonable time frame, typically within 60 days of closing on the house.