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Posted on 6/16/23 at 7:27 pm to jlu03
Zillow has a keyword feature. Type “assumable” in there and any listing with that keyword will pop up.
ETA: there usually aren’t a lot with that although I suspect many people don’t realize their mortgage has this feature. As an example, there are only 6 properties in Austin that came up when I searched with that keyword
ETA: there usually aren’t a lot with that although I suspect many people don’t realize their mortgage has this feature. As an example, there are only 6 properties in Austin that came up when I searched with that keyword
This post was edited on 6/16/23 at 7:31 pm
Posted on 6/16/23 at 7:36 pm to Sterling Archer
VA loans are assumable but the veteran loses the right to purchase another house with his VA benefit until the mortgage is satisfied.
Posted on 6/16/23 at 7:38 pm to jlu03
How do you know you want to assume it? It may have a terrible rate.
If the reason is that you are concerned you won’t qualify for a new mortgage, or at a decent rate, then assume it’s not assumable. The lender is almost certainly going to have to approve an assumption, and they won’t let a high risk buyer take over the loan.
If the reason is that you are concerned you won’t qualify for a new mortgage, or at a decent rate, then assume it’s not assumable. The lender is almost certainly going to have to approve an assumption, and they won’t let a high risk buyer take over the loan.
Posted on 6/16/23 at 7:41 pm to jlu03
Find out who backed the loan. If insured by FHA or backed by VA you can assume the loan if you meet the requirements. Almost no other loans are assumable.
Posted on 6/16/23 at 7:46 pm to jlu03
quote:
That said, I'm struggling to find if mortgages are assumable on the interwebs.
Seems like you’re buying more house than you can afford.
This post was edited on 6/16/23 at 7:48 pm
Posted on 6/16/23 at 7:46 pm to jlu03
It makes an arse out of you and Abel, Cain.
Posted on 6/16/23 at 7:52 pm to 777Tiger
Let’s say you find someone that wants to sell their house and they owe 100k at 2% with an assumable mortgage. Instead of putting 50 down and getting a loan at 6% interest, Hand the buyer 50k cash and assume their mortgage. If the loan allows it, why not?
Posted on 6/16/23 at 8:58 pm to jlu03
I imagine if you qualified for the balance of the loan they would just loan you the money on a new deal.
Posted on 6/17/23 at 11:31 am to holmesbr
Assumable mortgages are a thing of the past, finance companies did away with them since it cost them $$. I have not seen one in many years.
Posted on 6/17/23 at 11:58 am to VABuckeye
quote:
VA loans are assumable but the veteran loses the right to purchase another house with his VA benefit until the mortgage is satisfied.
That is not necessarily true. You can have more than one VA loan out at the same time. It all depends on how much bonus entitlement you have available
Posted on 6/17/23 at 12:01 pm to jlu03
VA, FHA and Rural Development loans are all assumable. Conventional loans not so much. The loan servicer has to approve the individual for the assumption. For VA you don’t have to be a veteran to assume it.
Posted on 6/17/23 at 12:08 pm to andouille
quote:
why would anyone want to assume a mortgage?
When I bought my first house back in the '70's, 30 year home loan interest rates were about 10.5%.
We found a house we liked that had a 4 year old assumable 6.2 % loan. To assume the loan we had to put down about 30% of the house value. This was a great financial deal. The house note was just a little more than the apartment we were in.
Posted on 6/17/23 at 12:23 pm to Knucklehead
quote:
Seems like you’re buying more house than you can afford.
Can easily afford the home. Looking for creative ways to save money so I’m not paying 6% or more for financing. Just want to exhaust every option
Posted on 6/17/23 at 12:33 pm to jlu03
Most mortgages have a Due on Sale clause, with a sale being a change in deed holder for any type of consideration.
With that in mind the answer to your question is that it is up to the one holding the lien... bank/mortgagee... and not the seller. You find out from the seller who holds the lien and then contact them directly.
I've been involved in a couple of these and, if the bank is up for it, can take a couple forms. A refinance at slightly higher interest rate (or straight fees to bank) or more rarely a pure assumption with some fees to the bank.
With that in mind the answer to your question is that it is up to the one holding the lien... bank/mortgagee... and not the seller. You find out from the seller who holds the lien and then contact them directly.
I've been involved in a couple of these and, if the bank is up for it, can take a couple forms. A refinance at slightly higher interest rate (or straight fees to bank) or more rarely a pure assumption with some fees to the bank.
This post was edited on 6/17/23 at 2:32 pm
Posted on 6/17/23 at 12:53 pm to jlu03
“Just need someone to pick up the payments” always seemed like a statement made by white trash trying to sell a truck. Maybe houses work the same way?
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