Assumable Mortgage: Take Over a Low Rate While Everyone Else Pays 7%

Assumable mortgage explained for Hampton Roads buyers. Rates are past 7%, but some homes for sale here already carry a VA or FHA loan at 2.5 or 2.75%, and you can take it over. You don't have to be a veteran to assume a VA loan. This covers what an assumption is, what it costs (a 0.5% VA funding fee instead of 2.15%, and a $300 cap on the processing fee), how I find these homes with AssumeList through eXp Realty, the real payment math on a Hampton Roads example, and the equity gap that decides whether the deal works. Sellers with a low-rate VA loan: there's a section on what happens to your entitlement. If you take one thing from this video: ask for the cash gap before you ask for the rate. CHAPTERS 0:00 Rates past 7% and the loan you can take over 1:06 What assumable actually means 1:56 What it costs to take one over 2:19 How I find them 3:12 The math on a real Hampton Roads house 4:16 The catch: the equity gap 5:21 The one question to ask first 5:56 If you're the seller 6:40 How to do this on orders 7:24 Oriented, ready, home Where the numbers come from. Rates: Mortgage News Daily 30-year fixed index crossed 7% on Sept 14, 2026, the first time since January 2025, and was 7.57% on Oct 2. VA 30-year rate 7.21% on Oct 2, 2026. Funding fees: va.gov, effective April 7, 2023. Processing fee cap and 45-day servicer decision window: VA Circular 26-23-10. Second loans to cover the gap: VA Circular 26-24-17, August 2024. Hampton Roads median sale price $388,950, August 2026: REIN. AssumeList figures are AssumeList's own. The example family's loan and the 9.5% second-loan rate are illustrations, principal and interest only. Your numbers will be different. 📖 Read the full breakdown: https://blog.mariodove.com/post/assum... ________________________________________________________________________ 🎯 BOOK YOUR PCS CALL Twenty minutes on your orders and your timeline. No pitch. https://www.mariodove.com/consult 📘 FREE: THE FIRST-TIME BUYER GUIDE The whole process in plain language, start to keys. https://mariodove.com/first-time-home... 🔍 SEARCH HOMES YOURSELF https://mariodove.exprealty.com 🏠 NEW CONSTRUCTION IN HAMPTON ROADS https://mariodove.com/new-home 📲 Or text READY TO BUY to (757) 530-5551 🔔 Subscribe for weekly Hampton Roads real estate intel. --- ABOUT MARIO DOVE Navy veteran. Licensed Realtor® in Hampton Roads for eight years. I have PCS'd, I have bought with a VA loan, and I know what it costs to get this wrong. I work with military families and veterans across Virginia Beach, Norfolk, Chesapeake, Suffolk, and Portsmouth. Most of what I do is make sure nobody signs something they have not read, and nobody leaves money on the table that was legally theirs to take. 📞 (757) 530-5551 ✉️ mario.dove@exprealty.com 💻 www.mariodove.com Brokerage: eXp Realty · Virginia License #0225233546 New construction pricing and availability change without notice. I do not work for builders and I do not control inventory. All information is deemed reliable but not guaranteed and should be independently verified. Nothing here is legal, tax, or lending advice.