So I want to buy this home with an assumable VA mortgage. The original loan was for 190k back in 2018. Sellers are asking 400k. Would I need to come up with the difference in cash for the delta between the purchase price and the remaining mortgage balance? Or would I be able to roll the remaining balance into it? To me that doesn’t make sense because I’d only assume the remaining balance of the current mortgage. I’m a vet with full entitlement available but just wanting to see if this is even possible.
Posted by Some-Ad8
1 Comment
We just assumed a VA loan a couple months ago. Cash is the easiest way to make up the difference. I’ve heard some lenders will do a bridge loan but it has to be with the lender that has the existing mortgage. My understanding is that lenders do not normally approve them. Another option is a personal loan of some type if the delta makes the cash option unrealistic.