Finance
A Wyoming buyer assumes the seller's existing VA loan. Which statement is true?
AVA loans cannot be assumed by any party
BThe loan may be assumed, but VA approval is required and the assuming buyer need not be a veteran✓ Correct
COnly active military personnel may assume a VA loan in Wyoming
DVA loan assumption automatically releases the original borrower from all liability
Explanation
VA loans are assumable, but the assumption requires VA and lender approval. The assuming buyer does not have to be a veteran. Without a proper release of liability, the original veteran borrower may still be held responsible if the assumer defaults.
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