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Oklahoma Veterans Affairs Assumption Agreement Agreement

Oklahoma Veterans Affairs Assumption Agreement Agreement

Category:

Oklahoma Real Estate - Mortgages and Deeds of Trust

State:

Oklahoma

Control #:

OK-LR063T

Format:

Instant download

Description

This form is for the lender, mortgagees, and new purchasers to sign whereby the new purchasers of the property assume and agree to pay the debt to the lender, and the lender releases the original mortgagors from any future liability on the loan.

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FAQ

Veterans with VA mortgages can have their VA home loan assumed by someone else, also called a VA loan assumption. If your plans, goals, or needs changed and you need to get out of a VA loan one option is to sell your home but an alternative option is an assumable mortgage, a buyer takes over the loan.

For a VA mortgage assumption to take place, the following conditions must be met: The existing loan must be current. If not, any past due amounts must be paid at or before closing. The buyer must qualify based on VA credit and income standards.

Underwriters may view certain employment changes as unreliable sources of income. If a job change cannot be avoided, speak to your loan officer about new documentation or verification of income. Errors: In simpler cases, VA loans may be rejected because you made a mistake on the documents somewhere.

Processing. Once a loan officer has a completed loan file, income documents and a credit report, the application will be submitted to a VA underwriter for processing. Underwriters can take as long as 14 days to render a decision on underwriting a loan for individuals with a solid credit background.

Yet another benefit: VA loans are assumable. A VA loan assumption allows a borrower to take over the terms of an existing mortgage, even if they aren't a military service member, veteran or eligible surviving spouse. This type of transaction can benefit both homebuyers and sellers.

Application errors. Double check your loan paperwork. Change in employment. Keep your employment consistent throughout the loan process. Change in credit. Borrower Delays. Factors beyond your control.

How Often Do Underwriters Deny VA Loans? About 15% of VA loan applications get denied, so if your's isn't approved, you're not alone. If you're denied during the automated underwriting stage, you may be able to seek approval through manual underwriting.

A loan can be denied by the automated underwriting system for any number of reasons. It could be that something was input wrong. It could be because something was reported wrong on your credit.

Anyone can assume a VA mortgage as long as their income and credit qualify but children of veterans can't get VA loans themselves (unless, of course, they join the military as well). You have to be a current service member, veteran or surviving spouse of a veteran to qualify for a VA loan.