The Home Loan Guaranty Program of the Department of Veteran Affairs (VA) has been helping U.S Military Veterans to get a VA Home Loan. Thanks to the numerous benefits of the program, a large number of veterans apply for the loan every year. However, often a range of questions and doubts comes to the mind of the applicant before he/she applies for a home loan. You need to get the answers to the questions, as it is never a good thing to apply for a loan without being completely aware of it. In the following post, we would be looking at some of the things that you must know before you apply for the VA home loan.
Who Assumes the VA Home Loan after the Death of the Veteran?
In the unfortunate incident when the veteran with the VA Loan passes away before repaying the loan, the loan is assumed by the surviving spouse. If the veteran has no surviving spouse, then the VA Loans assumable would be taken up by the estate of the veteran. The surviving spouse can get the loan refinanced and reduce the interest rate. To do that, the name of the spouse should be on the loan application.
In the unfortunate incident when the veteran with the VA Loan passes away before repaying the loan, the loan is assumed by the surviving spouse. If the veteran has no surviving spouse, then the VA Loans assumable would be taken up by the estate of the veteran. The surviving spouse can get the loan refinanced and reduce the interest rate. To do that, the name of the spouse should be on the loan application.
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