Which of the following types of loans are assumable?

The correct choice reflects the unique characteristics of the VA loan program, which allows for the assumption of the loan by another party under certain conditions. An assumable loan provides flexibility for both the buyer and seller, as the buyer can take over the existing mortgage rather than obtaining a new loan. This is particularly advantageous in situations of rising interest rates, as the assumer can benefit from the original terms of the loan.

In the case of VA loans, they are specifically designed for eligible veterans and active-duty military members, and they include the provision for loan assumption. This can also help in making the property more attractive to potential buyers who may not have qualifying credit or might find better terms under the existing VA financing.

While FHA and USDA loans can sometimes be assumable, the specific parameters and conditions may vary, and many do not allow for easy assumption compared to VA loans. FHLMA loans, which are typically associated with the Federal Home Loan Mortgage Corporation (Freddie Mac), generally do not have an assumable feature either. Thus, the distinct nature of VA loans enables them to stand out as the most readily assumable option on the list provided.