Assumable mortgage guides

Plain-English answers to the questions people ask most about taking over, or handing over, a low-rate FHA or VA mortgage.

For buyers

• How to find homes for sale with an assumable mortgageDedicated listing sites, MLS keyword searches, agents and off-market owners, plus how to check a home is really assumable.
• Can a non-veteran assume a VA loan?Yes, if you qualify with the servicer. What it costs and what happens to the veteran seller's entitlement.
• How assuming an FHA or VA loan works, step by stepEvery step from offer to closing, what the servicer reviews, typical fees, and the usual 45–90 day timeline.
• How to pay the seller's equity when assuming a low-rate mortgageCash, a second mortgage or seller financing, with a worked example of the payment and blended rate.
• Is it worth assuming a 3% mortgage instead of getting a new loan?Worked numbers on a 3% assumption vs a new 6.5% loan, and when a new loan is the better choice.

For sellers, veterans and agents

• How to sell a house with an assumable FHA or VA mortgageHow the sale works when the buyer takes over your FHA or VA loan, what it costs you, and how to price and market it.
• Release of liability when someone assumes your mortgageWhat a release of liability is, how to get one on an FHA or VA assumption, and why "subject-to" deals don't release you.
• Do you lose your VA entitlement if someone assumes your VA loan?Do you lose your VA entitlement if someone assumes your loan? How to calculate what's left and buy again.
• How agents find assumable listings and close FHA and VA assumptionsHow agents find assumable listings for clients and close FHA and VA assumptions without the deal stalling.