As interest rates have risen over the past year, it has become progressively more difficult for home buyers to qualify to purchase homes in the same price range that they could afford at lower interest rates.

Fortunately for veterans, VA loans offer a great way to help offset this rise in rates by allowing them to assume the loan of another veteran at that loan's existing rate.

What is Loan Assumption?

Loan assumption is a process where a new borrower takes over an existing loan, including all the terms and obligations associated with it. In the case of a VA loan, loan assumption can be a great option for individuals who want to buy a home but may not qualify for their own VA loan at current rates, or for someone who would just like the lower…

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The changes in the weather have been crazy this year, but so have the changes in the real estate market.

We went from a red-hot market a year ago, firmly in home sellers’ hands, to a market at the end of 2022 that had rising inventory and buyers capable of negotiating price reductions and credits from home sellers.

Those changes lasted for a few months, but now we face a new type of market.

Demand from home buyers is now lower than last year due to their purchasing power being diminished by higher rates, but we also have had an equal if not greater decline in supply due to fewer listings being added to the market compared to last year, possibly due to the same increase in interest rates.

There were 42% fewer new listings added to the market…

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