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Eventually, most people will sell their homes. To increase their home's appeal, some sellers will offer the buyer the option to assume their current mortgage.
When a buyer takes over the current mortgage from the seller of the property rather than obtaining a new loan, the buyer is said to have assumed the mortgage. This is an attractive option to buyers who may have credit issues that would prevent them from purchasing a home or obtaining an affordable mortgage.
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It is important to be in contact with your mortgage company and stay informed by asking questions to better understand the loan process.
It is also important to remember that if you are the seller and you allow a buyer to assume your current mortgage, and that mortgage was obtained through the VA Home Loan Guarantee Program, then your entitlement will be associated with that mortgage unless you release your liability from the mortgage.
For more information on how to assume a mortgage and the VA Home Loan Guarantee Program, contact your lender or your local VA Regional Loan Service Center.