Frequently Asked Questions
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An assumable loan allows a buyer to purchase a home by taking over the seller’s mortgage. The buyer simply assumes the existing loan terms (including interest rate and remaining payments) without the need to apply for, or obtain, a new mortgage. Not all home loans are assumable. Generally speaking, all loans guaranteed by the Department of Veteran Affairs (VA), the Federal Housing Administration (FHA), and U.S. Department of Agriculture (USDA) are assumable. Conventional loans are generally NOT assumable.
No. Unlike applying for a new VA loan, assuming an existing VA loan does NOT require having any military service or affiliation with the Department of Veteran Affairs. If a buyer has VA eligibility, that buyer can substitute their VA eligibility with the seller’s which subsequently releases the seller’s entitlement for future use. If the buyer does not have VA eligibility the seller’s entitlement remains tied to the home until the new buyer either sells the property or refinances out of the VA loan. For more information, please see this article.
The Department of Veteran Affairs charges a flat assumption fee of 0.5% of the remaining loan balance. This fee goes directly to the VA and helps keep the loan program running for future generations of military buyers. Any buyer who is exempt from paying the VA funding fee is also exempt from paying the 0.5% assumption fee. The assumption fee cannot be rolling into the mortgage like a standard funding fee on a new VA loan; it must be paid at closing.
AssumeList™ is purpose-built to save you money. AssumeList™ is a first of its kind tool that offers homebuyers and real estate agents the ability to search for and specifically locate homes with assumable loans. If saving money is something you value, then AssumeList™ will help you find homes that possess below market interest rates. In fact, 100% of homes in the AssumeList™ database possess an interest rate below 5% — with the majority of homes having an interest rate at or below 3%!!!
No. AssumeList™ is available to the general public with the option to subscribe to different tiers of service depending on the user’s needs and information they find useful.
There are no contracts or setup fees. You can switch your plan or cancel your AssumeList™ subscription at any time.
We currently provide assumable home data for the greater National Capital Region. For a complete list of counties and cities served, please see this map. Additional locations will be added in the future.
The Pro tier offers more useful information when researching and identifying the best homes that contain assumable loans. Specifically, the Pro plan provides loan balance and interest rate data that is needed to calculate required down payment amounts when assuming a specific loan. To learn more about how to assume a home loan or the mechanics involved, read this blog article titled How to Assume a VA Loan in 7 Easy Steps.
Loan balance estimates are based on the loan amount at time of purchase/refinance. Interest rate estimates are based on the prevailing interest rates during the month and year of purchase or most recent refinance. Interest rates are typically accurate to within 0.5%. Actual rates could vary depending on the original buyer’s credit score and/or if the points were paid to buy the rate down.
All active duty, retirees, and veterans, whether individuals or agents, are eligible for a 10% discount off a monthly or annual subscription. We partnered with SheerID perform an identity verification which provides a unique one-time discount code for use during checkout. Please see our military discount page complete the verification process. A military discount cannot be combined with other promotional offers.
If you purchased one of our subscriptions, but AssumeList™ is not what you expected, let us know within 7 days and we’ll give you a full refund. No ifs, no buts, no hassle – we only ask for your feedback on how we can make AssumeList™ better.
AssumeList™ does not issue refunds in general. For monthly subscriptions, you can request for a refund within the 7-day money back guarantee period. For annual subscribers you may request a refund if you haven’t used the service, but we may decline your request if we see any material activity in your account.