VA Loan Assumption on Primary Residence - New Build, House Hack

[Katie MacGregor]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $380,000
Cash invested: $10,000
Sale price: $480,000

Built a primary residence, had roomates for nearly 3 years (house hack), sold home because I will be moving soon - it was a VA loan so we did a VA LOAN ASSUMPTION! First time I (or anyone I had talked too) had seen this done so we were so excited!! If you have questions, please reach out.

What made you interested in investing in this type of deal?

Bigger Pockets

How did you find this deal and how did you negotiate it?

Online/working through local realtor

How did you finance this deal?

Personal cash - 0 down VA loan

How did you add value to the deal?

got my license; did some fix ups around the property before selling

What was the outcome?

great!

Lessons learned? Challenges?

VA loan transfer is designed to be fast to help military members sell their homes quickly but unfortunately it is not...probably because the mortgage company gets very little out of it....no incentive for good customer service