ASSUMABLE
Content transferred from https://www.posohio.org/assumable.html August 14,2023
ASSUMABLE MORTGAGES ARE HARD TO FIND Published 05/16/2022
There are a number of Veteran owned homes in Cleveland Heights, to include 2591 Lee Road. Chances are the Veteran used their VA loan ,which is an assumable loan by Civilians and Veterans.
The sad part about it, Veterans cannot allow their loan to be assumed without having another point of sale inspection (POSI). This seems like double dipping.
It's the same loan transferred to another buyer.
If the Veterans Administration (VA) allows a Buyer to assume a Veteran's loan then why can't the POSI allow the new Buyer to sign the same inspection that came with the loan?
One possible answer, it may attract to many Veterans and before you know it, there would be more Veteran owned homes being assumed without an inspection.
The VA made it possible if a Veteran needed or wanted to move or no longer could afford their home, they could have it assumed by a qualified Buyer. At one time ,Veterans could only sell to Veterans, now any qualified Buyer can assume a VA loan.
In my opinion, the VA should stop lending to Veterans, who want to buy in HOA or POSI communities where there are financial burdens to sell a home such as excessive ,unnecessary escrow.
Add to the list I am unable to sell, rent and have my loan assumed because of the unknown repair escrow from the POSI.
From what I understand the POSI will allow a waiver if the property is transferred to a family member with no money transfer.
I say again this POSI is targeted for a small group of people to build wealth and not for the majority of the people to thrive in home buying.
If you must foreclose to get out of a sticky situation have no fear you can buy again using your VA entitlements.
Call your VA benefits Counselor to explain what are the requirements to buy after a foreclosure.
To all Veterans, steer clear of cities that require escrow for repairs, to sell, rent, and assume your VA loan.
All not Equal nor Welcome !!!
VA CLEVELAND REGIONAL OFFICE
1240 EAST 9TH STREET
CLEVELAND ,OHIO 44199
1-800-827-1000
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