Where can I get help completing a loan assumption application?

Question

I am trying to complete the required application to assume a VA mortgage loan from my parents. The loan assumption department for the mortgage company finally emailed me the paperwork to complete the assumption application.  It took over a month to get this emailed.  There is a phone number for the assumption department, but no one ever answers the phone or responds to voicemails. Since I am not experienced in real estate, I have dozens of questions about filling out the application and no agent or customer service representatives I can turn to.  Does anyone have a suggestion of where I could turn to for help?  Should I look into hiring an agent just to help me with this application (if that's even a thing)?

Rebecca Creech · Answer

That makes total sense.  Since this isn't a financial gain for them (they already have the sale completed, so to speak), it's just paper pushing and not worth their time. Not the best news, but I'll still give it a go since the current rate is so much better than what I'd get otherwise. Thanks.

Mike Johns · Answer

I’ll try to answer a few questions

You should be assuming the remaining balance of the loan not the original amount.

I do not know about the up front premium.

To find the reasonable value you can just look the property up on Zillow and the zestimate will give you a rough estimate. It’s usually not that accurate but that number will work for that question.

So I’m not sure but I thought you had to be a veteran to assume a VA loan. I’m a veteran so you’d have to do some research to find out if you can assume the loan.

I was able to get through to the loan assumption department and ask them questions but they were hard to get ahold of so if you ever do get ahold of them I would ask them for the best way to contact them. Hope this helps out at least a little bit!

Rebecca Creech · Answer

I specifically asked that, among other things, when I initially emailed the Assumptions Department of the loan servicer (this was the only option I was given--email).  They did not specifically answer any of my questions, but sent me a "package" with an application and list of other required steps to complete the assumption. It is a VA loan, which I read is more often assumable than a traditional loan, but as far as my specific case, I don't know.  Since I have no way of contacting them, the only way I know to find out is to apply and see what they say.  Not ideal, for sure.

Dave Skow · Answer

Have you confirmed that the loan is  even assumable ?  ( not many are ) …..and if you have - have you asked for a list of criteria that needs to be  met and completed for this to be completed ?    if you haven't already done this as  this might save you time  trying to fill out the application  only to  find out it may not work

Chris Mason · Answer

Successful loan assumptions are rare, you aren't the only one that's coming up against this difficulty. The customer service level reflects the difference between indifferent salaried people checking boxes and letting automated software do whatever it wants to do, and folks paid for production (like if you went the refinance route, rather than assumption). It can be done, but I'd suggest remembering to constantly assume that you are the ONLY person you are speaking with that actually cares either way if it goes through or not.

Good luck.

Rebecca Creech · Answer

This is helpful, thanks.  I had read that some VA loans can be assumed by non-vets, so I figured it was worth a try. I asked several questions, including that one, in my initial email to the assumptions department for the loan servicer, and the only response I received was a copy of the assumption application package.  I guess we shall see.

Rebecca Creech · Answer

The questions I have relate to the details of the transaction (should the loan amount be the original amount, or the current remaining balance? What is the "Amount of up front premium"? Where do I find the "reasonable value of the property or appraised value"?), type of mortgage and terms of the loan, and questions about the VA portion of the loan (it's a VA loan, but I'm not a Vet, so do I still check the boxes for "VA Application"? How do I answer the question: "Title will be vested in Veteran, Veteran and Spouse, or Other, Specify"...I guess I'm other, but what do I specify?)

@Mike Johns Since you have done this twice before, where did you find help with your first application, or did you have enough experience to know how to complete everything on your own?

Mike Johns · Answer

I have done 2 loan assumptions myself and it can be hard getting help because it’s not a very common thing. Maybe if you post your questions on here the bigger pockets community could help!

Wayne Brooks · Answer

I can't imagine dozens of questions on a mtg application, but....you wouldn't want an agent, maybe walk into a couple of independent mtg brokers and offer to pay someone for help..

Where can I get help completing a loan assumption application?

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