Hello!
I am looking to purchase a single family home in Knoxville as an investment rental property. I read in the listing that the seller has a 2.3% assumable VA loan. I called the VA and they confirmed that I do not need to be active/past military to assume; I can assume the existing loan as non-military. The house is listed for $400k. I am waiting to see how much is left on the loan, but I expect is it somewhere around $100k at 2.3%.
How easy is it to get secondary financing to pay off the seller's equity? What kind of cash would I need to bring to the deal? Can anyone help connect me with a lender in the Knoxville area that I can call to run through some numbers. I live in Southern California and my brother would be helping me operate the rental as he lives in town.
Thank you!
