Answers to the Most Common VA Assumption FAQ

Backed by the U.S. Department of Veterans Affairs (VA), VA loans are an appealing option for military borrowers looking for a mortgage with no required down payment or mortgage insurance. While this type of transaction can be beneficial for both sellers and buyers, it can also be confusing.

If you have questions related to VA assumptions, you’re not alone. Here are answers to the most frequently-asked questions we get about VA assumptions:

Home Buyer FAQs

Q:  If I’m a buyer and I’m not a veteran, can I assume a VA loan?

Yes. Provided that the home will be a primary residence for the borrower, the VA loan is assumable. This enables you to take over an existing VA loan’s terms, even if you are not a veteran, military service member, or eligible surviving spouse. As such, you will have the same mortgage payment that the home seller had.


Q: As a buyer, can I get a second loan to make up the difference between the assumed loan and the purchase price?  

No. According to the VA, you cannot get a second loan to make up the difference at the time of purchase/assumption. As the buyer, you must make up the difference between the purchase price and assumption. After closing, however, you can look into doing a HELOC to get some of it back out, if necessary. 

That being said, please check with the individual mortgage servicing company that is handling the assumption to determine if they would be able to accomodate a second lien HELOC simultaneous to the purchase. Provided that the VA loan stays in first position, this might be a possibility. 

Military home buyers, using VA loans on Oahu.

Military home buyers, using VA loans on Oahu.

Home Seller FAQs

Q: I’m a veteran who’s selling my property. If another veteran assumes my VA loan, will the entitlement be transferred to the buying veteran?

Yes. As long as the buying veteran has sufficient entitlement and this is part of the agreement during the VA assumption process, the entitlement can be transferred to the buying veteran, freeing up your entitlement as the selling veteran. 


Q: As a seller, who can I contact for more information about the VA assumption process and timeframe?  

You can contact your current mortgage servicer. This is who you’re paying your mortgage to each month. The VA loan assumption process is completed with the mortgage servicer that you currently have your mortgage with. And each lender will have their own process and turnaround times.


Q: Does the assumption have to be approved by the VA?

Yes, the VA has to approve the assumption. 


Q: What is the turnaround time for VA approval?

Once approval is received by the mortgage servicer, the current turnaround time is 10 business days.

Reach Out

From pre-approval to closing, the trusted team at Element Mortgage is here to help you every step of the way. If you still have questions regarding VA assumption or other financing related questions, reach out to your favorite Element Mortgage Loan Officer. Or contact Meena Na, the Local Mortgage Consultant and Branch Manager of Element Mortgage, at

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