Has anyone successfully assumed an FHA or VA loan?

[Jake Andronico]

With interest rates continuing to make headlines, assuming an FHA or a VA loan at potentially sub 3% is increasingly attractive.

I've set up search parameters in MLS to be able to see these pop up in Northern Nevada as soon as they hit the market, and then run analysis on them assuming someone moved in for at least a year and then moved out to see how they'd perform as rentals.

You can also do this in Zillow by having a keyword search for "assumable", "FHA", "VA", etc. The advantage to MLS is being able to see properties where the listing agent inputs this in the "Private Remarks", which Zillow and other online sites do not display. 

However, I've talked to many agents in the area (Reno, NV specifically), and have only found one agent who has helped a client successfully assume an FHA loan. He said the entire process took about 45 days which is not an extraordinary amount of time. 

I'm aware that someone would need to come up with the delta of the purchase price vs. the loan balance (ex: FHA loan at 3.25%, $350K remaining - Purchase Price: $500K, buyer would need to come up w/ the $150K difference).

Curious if anyone has successfully done this, and any info is greatly appreciated. Thank you! 

[Renee Ward]

My son did this for his first home purchase in May of ‘23.  His realtor was able to find a bank though it took her several days to find it and then it was the bankers’ first time processing that type of loan.