Deal Analysis - Subject To on VA loan

[Mike Cartmell]

Hi All,

I have come across a property that the seller will sell subject to the existing mortage. He owes approximately 140k and its worth around 150k. Not much equity but the existing financing makes it attractive. It has a fixed 3.25% mortgage with a principle and interest payment of $621. Market rent is about $1200. This seller does not want any cash but simply wants me to take over the payments.

Is this something I should pursue?

Are there any issues to look out for with a sub-to on a VA loan?

Thanks in advance,

Mike