An assumable VA loan is a type of loan that allows a borrower to take over the terms of an existing VA loan, even if they are not eligible to take out a VA loan for themselves. This means that the buyer can assume the interest rate, outstanding balance, repayment term, and other related items of the existing loan. VA loans are assumable by those who have VA benefits as well as civilians. The ability to assume a VA loan can benefit both homebuyers and sellers, as it can be a big selling point if the seller had a great interest rate locked in. However, it can be a lengthy process if the assumption must be approved by the VA loan office. If assumed by a civilian, the veteran’s VA entitlement stays with the loan, and buyers and sellers need to be careful when choosing to move forward with a VA loan assumption. As a buyer, it’s smart to consult a VA-approved lender and do your due diligence before deciding whether assuming a VA home loan is the best option for you.