VA Assumable Loan Listings in Colorado Springs

What Is a VA Assumable Loan?

A VA assumable loan lets a buyer take over the seller's existing VA mortgage at the seller's original interest rate and terms. If a seller locked in a 2.5% or 3% rate during 2020-2021, the buyer gets that same rate — potentially saving hundreds of dollars per month compared to today's rates.

How It Works

• The buyer applies with the seller's lender for a credit and income qualification (no new appraisal required in most cases)
• The buyer assumes the remaining loan balance at the original rate and terms
• The assumable gap — the difference between the list price and the remaining loan balance — must be covered by the buyer at closing (cash, second lien, or other financing)
• VA loans are assumable by any qualified buyer, not just veterans

The Assumable Gap

The gap is the amount you'll need to bring to the table beyond what you're assuming. A $60,000 gap on a $400,000 home means you'd assume roughly $340,000 at the seller's low rate and cover the remaining $60,000. Some buyers use a second mortgage, HELOC, or savings to bridge the gap. The listings below are sorted by gap amount, lowest first.