All Posts Tagged With: "freely"
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 “Freely-Assumable” Mortgages And “Qualified” Assumptions?
With a freely-assumable loan a new borrower can take over the mortgage payments without lender approval or a check of borrower credentials. With a qualified assumption, the buyer must meet the lender’s current qualification criteria to assume the loan. Once cleared by the lender, the original borrower can sometimes obtain a release of liability and [...]
30Aug2008 | Peter G. Miller | 0 comments | Continued
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