I heard VA loans are "assumable". What does that actually mean, and can just anyone take over my loan?

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Short answer: yes, VA loans are assumable, but the buyer still has to qualify, and it's not an automatic handoff. An assumable loan means a qualified buyer can take over your existing mortgage, including its interest rate and remaining balance, instead of getting a brand-new loan. A few things to know: The buyer must qualify. The loan's servicer reviews the buyer's credit and income and decides whether to approve the assumption, with VA reviewing it only if the servicer lacks automatic approval authority. A weak application can be turned down just like it would be for a new loan. The buyer doesn't have to be a veteran. Civilians can assume a VA loan. But if the buyer isn't a veteran substituting their own entitlement, your VA entitlement tied up in that loan stays tied up until the loan is paid off. You won't get it back to use on a future purchase. There's usually an assumption fee, generally smaller than the VA funding fee on a new loan, plus the lender's own processing costs. It tends to matter most when the existing rate is well below what's available on a new loan. That gap is what makes the extra paperwork worth it for a buyer. If you're selling a home with a VA loan, or you're a buyer wondering whether a listing's existing loan could be assumed, Gene can walk through whether an assumption makes sense for your situation and what it takes to get one approved.