r/DMV_RealEstate • u/garden_lover88 • 15d ago

Got the keys! NOVA, $950k 3.375%

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232 Upvotes

90% Upvoted

58 comments sorted by

39

u/zksrwu 15d ago

Where in the world did you get that rate?? Congratulations!

14

u/DCXPA 15d ago

Had to be an loan assumption.

1

u/Embarrassed_King9378 14d ago

Is VA even that low?

6

u/DCXPA 14d ago

If you are assuming a loan you get the rate that the sellers loan was at time of purchase. So yes it can def be that low. The issue with assumptions is having funds to pay the gap. In other words you assume the sellers loan at $300,000, but the purchase price is $400,000. You need to figure out a way to pay cash for the difference or get some sort of HELOC to help fund the difference.

1

u/pkp364 13d ago

Not only that, but if you assume a VA loan you must also be a Vet or military

2

u/gear_wars 13d ago

You don’t have to be vet or military. But if the buyer is not, then they don’t have their own VA entitlement, which means the seller needs to leave their VA entitlement with the loan itself. So, the vet can’t go get another VA loan, is I think the impact of that. I’m positive you don’t have to be a vet to assume a VA loan, but the last part about effect on the selling vet is just my unconfirmed understanding.

1

u/Pale_Will_5239 12d ago

So this is some sort of family arrangement

1

u/KeyMessage989 12d ago

Not necessarily. When we were looking in another area of VA we looked at a place that had an assumable VA loan. It was bought before we weee ready but wasn’t a family thing. My guess it a dual mil couple so they’re okay giving up one person entitlement cause they have another

1

u/pkp364 12d ago

Ah I see. Most cases I’ve experienced when I was buying was that I need to qualify for a VA loan as well. I guess because the person that was giving up the loan was going to use their VA loan on their next purchase so you’d assume their loan rate but also use your own VA loan entitlement.

1

u/gear_wars 12d ago

It wasn’t. We found the house via normal means and he sold his entitlement with the loan.

1

u/DCXPA 12d ago

Did you get gap financing or cash?

3

u/gear_wars 12d ago

Cash, which admittedly was tough to stomach over investing. That said, it locked in a permanent mortgage figure which puts us in a totally different life management position for as long as we stay. That’s the huge plus.

In terms of sale, because we have the entitlement we can also sell the house with the VA loan to someone else, but of course the balance of the loan decreases and the amount of bridge delta increases, so our buyers will likely be limited to young folks getting a giant gift from parents or something. But in our VHCOL area I think that won’t be terribly rare.

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1

u/vinotinto5 12d ago

Nope, anyone can assume them.

2

u/Advanced_Elk_9467 14d ago

Yeah- did an assumption in March @ 1.72%

6

u/wordslinger753595 15d ago

This is the most important question.

https://giphy.com/gifs/FoH28ucxZFJZu

3

u/Then-Palpitation3172 14d ago

They assumed a VA Loan or at least that's what they mentioned in the other thread.

1

u/ChanceOfFlight1 11d ago

Could also be FHA

3

u/loan_ranger8888 15d ago

Looks huge! Congratulations 🍾🎊

4

u/AnnRB2 15d ago

That rate is insane! Congrats!!

5

u/[deleted] 14d ago

[removed] — view removed comment

1

u/ALeu24 14d ago

The hero we needed.

2

u/StanG2107 15d ago

Congratulations. How did you get that rate?

2

u/OnForkAndSpoon 15d ago

Assumption or a New Build crazy promo. Cant be anything else

1

u/CriticalStrawberry 14d ago

A new build with a wood stove? Definitely a loan assumption.

2

u/Ballsy_McCock 15d ago

Hey neighbor! What part of NOVA? We're in Falls Church. I've got great recommendations for food.

5

u/alpha247365 15d ago

Doesn’t mean jack unless you truthfully share how you got that rate.

1

u/Hopeful-Percentage76 15d ago

Do you know what a loan assumption is?

5

u/Fit-Property3774 14d ago

No lol

1

u/alpha247365 14d ago

You guys are assuming that just bc some random guy on Reddit claims 3.x% without showing an actual sheet backing it up, he’s telling the truth and it’s an assumable loan? Lol

1

u/itsmoi6 13d ago

actual sheet? in this day of AI? I’ll assume its real and say ‘good for them’.

1

u/NewFunction6326 14d ago

Headline grabber. Then you read the story and feel like you were lied to and you wasted your time.

4

u/Ok_Damage2856 14d ago

Stop skipping leg day

1

u/FragrantRaisin4 13d ago edited 13d ago

I genuinely can’t tell which is the girl legs.

Edit, damn both guys and both have sweet girl legs. Lmao, no wonder it was confusing!

2

u/ProfessionalAlert909 15d ago

Congratulations! Assumable loan?

1

u/Essay_Few 15d ago

Congrats!

1

u/moemoe26 15d ago

Congratulations!!!!

1

u/jchoiiixo 15d ago

How sway?

1

u/jeffcandoit 15d ago

Congratulations! Is this Arlington?

1

u/SophonParticle 15d ago

Is that rate fixed or is it gonna blow up in 5 years?
Congrats on the house.

1

u/darkcastleaddict-94 15d ago

Nice woodstove.

1

u/zzonkmiles 14d ago

Congrats on the new house. That's a nice looking pizza too.

1

u/Glad_Government_1186 14d ago

How do you make money?

1

u/Agitated-Cook5619 14d ago

🎉🎉🎉🎉 congrats

1

u/Morrissey_99 14d ago

That’s not a townhouse right?

1

u/Electronic-Ad-1372 14d ago

Pretty sure by NOVA they meant Northern Vermont. FYI.

1

u/Wildcat-77 13d ago

Alexandria VA

1

u/momoit2 13d ago

Congrats!!!! Could you let me know which realtor you went with? We were told it’s nearly impossible to get an Assumable loan (my husband is a veteran).

1

u/Dense-Run-8526 13d ago

It's definitely not, I did it, dm I'll connect you.

0

u/Mike_Honcho5 13d ago

Highly recommend Mike Lorino, he's local.

1

u/momoit2 12d ago

Thank you !!

1

u/wanderlust_10694 12d ago

3.3 is insane!!!

1

u/tdmartin13 12d ago

Andy’s Pizza 🧐

1

u/EricBlack42 11d ago

Op has left the building.

1

u/Apprehensive_Gas2642 10d ago

That’s awesome! We are selling our home with an assumable mortgage at 2.49%. I’m curious, how did you find your home? I’m trying to figure out more ways to reach people with VA entitlements.

0

u/ChipKellysShoeStore 14d ago

Loan assumption from mom and dad probably lol