Unfortunately the great days of assumable and non assumable loans are a thing of the past. Most houses simply aren't sold with assumable mortgages. Usually you'll have to get your own mortgage. Banks have increasingly prohibited their mortgages from being assumed, and even if there's no such prohibition, most sellers don't like to sell this way anyway.
Even if you can find one, you'll probably have to come up with a lot of cash to pay the owner for his or her equity in the house. If you have a lot of cash lying around you could probably qualify for your own mortgage and wouldn't need to assume one. To be honest, the interest rate on the mortgage you assume might be higher than the rate you could get on a brand-new mortgage from a bank now.
I realize this are probably not the answers you were hoping for. The best advice I can give is to get with a reputable lender and find out what you need to do to get qualified for a loan. You may be suprised that is is not that difficult and there are some amazing record low interest rates out there and sellers often help with the closing costs.
I would love to answer any other questions and assist you with this process. I live in Mansfield and specialize here as well.
Good luck and feel free to give me a call.
About a year a go I sold a home in Mansfield to a family that had originally planned to rent instead of buy. The monthly payment on the 2,000 square foot home with a pool was $200 less than it would have been if they had rented a similar home.
I'd be happy to help you find a home that will meet your needs in Mansfield, one of the areas I specialize in. The lenders I work with have many types of financing available. Contact me (817-807-8574) any time to discuss your options.
Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
Multimillion Dollar Sales Producer
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