Many Arizona homeowners bought or refinanced when loan terms were much better than they are today. If your loan is an FHA or VA loan, a buyer may be able to take it over. That can be one of the strongest selling points your home has.

Is my loan assumable?

FHA and VA loans are generally assumable by a buyer who qualifies with the loan servicer. VA loans can be assumed by buyers who are not veterans. Some USDA loans are assumable too. Most conventional loans are not, because they include a due-on-sale clause.

What sellers should plan for

  • The buyer covers the gap. The buyer pays the difference between your price and your loan balance, so we price and market to buyers who can do that.
  • More time. The servicer has to approve the buyer, and that can take longer than a new loan. We set a closing date that fits.
  • Get released. Make sure the servicer releases you from liability on the loan once the buyer takes it over.
  • VA entitlement. Your VA entitlement may stay with the loan unless the buyer is an eligible veteran who substitutes theirs. If you want to buy again with a VA loan, we plan for this before listing.

Getting buyers to notice

Most listings never make the assumable loan obvious. I follow assumable listings across the Phoenix area every week and know how to put yours in front of the buyers and agents who are looking for one. Read more on my assumable mortgage page.

Wondering if your loan is assumable?
Send me your loan type and I'll tell you what it could mean for your sale. Call or text Terry Day, REALTOR® with DeLex Realty, at 602-483-4665.

Terry Day, REALTOR®, DeLex Realty, 10115 E Bell Rd, Ste 105, Scottsdale, AZ 85260. General information only, not legal or financial advice. Your loan servicer decides whether a loan can be assumed and on what terms.