Web Reference: http://fhamortgageinfo.com/
example you owe 90k selling for 100k they bring 10,000.00
Example 2: they just buy it for 100k and bring 3,500.00
in the past and probably not too far in the future assumeability is a great selling tool.
if the going rates are 6-8% as they were a few years back for you to sell someone your 3.5% FHA loan makes your home a great deal for someone who might never be able to find a rate as low as what you can offer.
I hope this is helpful. If you should have additional questions please feel free to call.
Senior Mortgage Consultant
Cornerstone Mortgage Group
6151 Powers Ferry Road NW
Suite 610 Atlanta GA 30339
Senior Mortgage Banker
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Atlanta, GA 30305
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According to the Department of Housing and Urban Development (HUD) guidelines for FHA-insured mortgages, all FHA loans are assumable. Any loans originated before Dec. 1, 1986, are freely assumable, which means there are no restrictions on the assumption. Mortgages from 1986 through Dec. 14, 1989, are freely assumable as well because of congressional action in 1989 that voided the closing document language of loans from that period.
FHA loans originated on or after Dec. 15, 1989, are assumable only by borrowers who can demonstrate creditworthiness. This means the new owner must go through the same approval process he would go through for a new FHA mortgage. Investors cannot assume an FHA mortgage originated after this date under any circumstances.