All Posts Tagged With: "assume"
Are FHA mortgage loans freely assumable?
In tough times is it true that FHA loans are assumable? You see spread across the Internet a resounding “yes” when the question of FHA mortgages and assumptions is raised. Unfortunately, a flat “yes” is not the whole story. FHA loans are not freely assumable; that is, a buyer cannot take over an existing mortgage [...]
24Jan2011 | Peter G. Miller | 0 comments | Continued
Where Can I Find Freely-Assumable Mortgage Loans?
There are a number of older loan programs — very much older loan programs — which feature freely assumable mortgages — loans for which financial qualifications are not required for replacement borrowers. Look for FHA loans originated prior to December 15, 1989 for owner-occupant purchasers. With VA mortgages, search for loans made before March 1, [...]
31Aug2008 | Peter G. Miller | 0 comments | Continued
Contrast Mortgage “Assumptions” And Buying “Subject To” The Loan
In the general case, with an “assumption” a lender will first pursue the new borrower and then come after the original debtor if there is a default. If the loan was taken “subject to” the mortgage, then only the original borrower remains responsible for the loan in the eyes of the lender. While it may [...]
31Aug2008 | Peter G. Miller | 0 comments | Continued
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