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re: Looking to buy a coworkers house. Loan assumption no longer permissible?
Posted on 1/16/20 at 8:58 am to Milesahead
Posted on 1/16/20 at 8:58 am to Milesahead
Minimum loan amounts. They aren't going to deviate from that because he wants to put $50k down. They make no money on a $20k loan.
His best bet would be to go to closing and payoff the existing mortgage and have the seller hold a note for the $20k.
His best bet would be to go to closing and payoff the existing mortgage and have the seller hold a note for the $20k.
1
Posted on 1/16/20 at 9:46 am to VABuckeye
What I was talking about wouldn’t be a conforming GSE backed mortgage. It’s a “portfolio” loan (the bank continues to hold the loan, instead of trying to sell it). The rate may be a bit higher and the terms not so generous. But they’re made based on a person’s relationship with the bank(er) as much as anything else. Smaller loan amounts aren’t kicked out the way they’d be with a GSE (FNMA/FHLMC) product. I’ve used them for investment properties that I wouldn’t be able to finance with more traditional means.
And yes, I agree... owner financing might be another viable option. Don’t know til you ask.
And yes, I agree... owner financing might be another viable option. Don’t know til you ask.
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