## VA loans can open doors—and keep them open—if you know which options fit your situation Losing sleep over payments or wondering if you can buy with today’s rates? This guide breaks down VA homebuying, refinancing, and foreclosure-avoidance options in plain English. In , , lender offerings, closing costs, and timelines can differ—use local guidance to compare your true monthly costs.

Quick links for , :

VA Benefits
VA contact — ,

## Start here: what to do first - **Confirm eligibility & get your COE.** Ask a lender to pull your Certificate of Eligibility (COE) or request it yourself. It shows your entitlement and funding-fee status. - **Decide your goal.** Buying? Lowering your rate? Tapping equity? Catching up on payments? Your goal determines which VA option fits. - **Talk to the servicer early if you’re behind.** Ask for a **home retention** review (repayment plan, deferment/partial claim, modification). The sooner you call, the more doors stay open. - **Know the big levers:** VA purchase loan, **IRRRL** (streamline refi), **cash-out refi**, **assumption** (buyer takes over a VA loan), and loss-mitigation if you’re at risk. - **Document everything.** Keep a dated call log, income proof, hardship letter (1 page), and a realistic budget you can defend. ## Assumable VA loans: a backdoor to lower rates for buyers—and a strategy for sellers A lesser-known feature of many VA loans is **assumability**—a qualified buyer can take over the existing loan, keeping its rate and remaining term. - **Why buyers care:** In a high-rate market, assuming a 2–4% VA loan can slash monthly costs without waiting for rates to fall. - **Why sellers care:** Marketing “assumable VA loan” can widen your buyer pool. If the buyer is **VA-eligible**, you can often **restore your entitlement** after closing (ask your servicer about full restoration). - **Cash gap reality:** The buyer must cover the difference between your loan balance and the sale price (cash or secondary financing). - **Gatekeepers:** Assumptions require servicer approval and a small VA funding fee (generally **0.5%** on assumptions). - **Example:** A veteran selling a home with a $260k balance at 3.0% to a $340k buyer—buyer needs ~$80k to bridge equity (cash or second lien), but keeps the 3.0% rate. - **Pro move:** If you’re selling, screen for VA-eligible buyers to preserve your entitlement. If you’re buying, ask listing agents explicitly whether the loan is **assumable** and which servicer handles it. ## Behind on payments? How VA loss-mitigation actually works (and what to ask for) If you’ve missed payments, VA wants servicers to evaluate **home-retention first**—don’t wait for a notice to act. - **Your first call:** Ask for the **home retention team**. Say you want a **complete loss-mitigation review** and request a written list of required docs. - **What they may offer:** - **Repayment plan** (spread arrears over several months). - **Forbearance** (temporary pause/partial payments). - **Loan modification** (roll arrears into the balance and adjust rate/term). - **Partial claim/advanced assistance** (where applicable under current VA guidance). - **If keeping the home isn’t feasible:** Ask about **assumption by a qualified buyer**, **short sale**, or **deed-in-lieu** to avoid a full foreclosure mark. - **Time matters:** Opening mail, responding to document requests within days, and keeping a call log can be the difference between a workout and a sale date. - **Escalation script:** “I’m requesting a single point of contact and status on my complete package. Please confirm in writing which options are being reviewed and by what date.”

👉 Want a quick read on eligibility? Check benefits for .

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FAQs for ,

## FAQs ### How do I know if my loan is assumable? Most government-backed loans (including many VA loans) can be assumed with servicer approval. Ask your servicer directly and request their assumption checklist. ### Can I use a VA loan more than once? Yes. Entitlement can be restored after the prior VA loan is paid off—or when another VA-eligible buyer assumes your loan and substitutes their entitlement. ### What’s the quickest way to lower my payment if rates dropped? Ask about **IRRRL** (the VA streamline refi). It’s designed to reduce rate/payment with minimal documentation when you already have a VA loan. --- ###### References

VA Home Loans — Official Overview
VA IRRRL (Streamline Refinance)
VA Cash-Out Refinance
Get Help to Avoid Foreclosure (VA)
Find a HUD-Approved Housing Counselor
CFPB — Find a Housing Counselor

Posts tagged with: foreclosure

VA Housing Assistance: How Veterans Can Buy, Refinance, or Avoid Foreclosure