Has anyone had any experience with assuming a VA mortgage??

[Vince Leydet]

I was wondering if anyone has ever bought a property through a VA assumable mortgage? I have the opportunity to purchase a decent 3 family with a lot of potential, but I have never used this method of purchase in the past. Seems like a pretty easy way around the 20% cash down for traditional financing. Any and all input is much appreciated!

[Vince Leydet]

@Chris Mason 

So the catch to assuming a VA loan is if the person has equity, you have to cash out there equity. In this example the owner owed $70k and we agreed on $90k sale price (didn't know his balance at the time). So I would of had to put down the $20k which now makes sense. It's actually more than just putting down the 20% and securing my own financing. Needless to say this did not work in this instance.