Home Buying in Mansfield>Question Details

Jennifer Rey…, Home Buyer in Mansfield, TX

Assumable Loan! Non Qualifying!  

Asked by Jennifer Reynolds, Mansfield, TX Fri Jun 22, 2012

Hi there, our lil family is growing now and we are needing to find a bigger place. We are renting a two bed two bath in Mansfield, Tx and payin more than others with house payments. I've heard of things like an assumable loan and some houses with non qualifying. My parents took advantage of this back when I was a kid and it worked out. I'm am very new to this whole buying a house thing so I'm asking for some advice. Would like to stay in the Mansfield area.

Help the community by answering this question:

Answers

6
Hi Jennifer,

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.

Debi George
debi@mansfieldluxuryhomes.com
817-975-6626
1 vote Thank Flag Link Fri Jun 29, 2012
I live in Oxford, MS but lived in the Dallas area for 12 yrs in the 80s and again in the late 90s. I lived near Mansfield when I lived in Arlington from 1998-2000. Are you looking to assume a loan are do you have one that you are hoping for someone to assume? I need a 3 BR 2 BA and am very very interested in trying to find a home asap. please contact me if you are looking for someone to assume or if you know of someone who has one that needs an assumer. Anne Ivy, civy60@gmail.com or 662-380-6343.
0 votes Thank Flag Link Tue Nov 24, 2015
You should look at non qualifying... and instead of calling them "assumable loans", its now a "contract for deed"...
0 votes Thank Flag Link Fri Aug 7, 2015
Assumable loans with no qualification ended in 1987. Now you can assume some loans if the lender qualifies you.
0 votes Thank Flag Link Sun Aug 26, 2012
I bought a house in 1994 that was a non-qualifying assumable loan. How could they have ended in 1987 if I did one 7 years later? I keep reading articles that say they may be coming back to save foreclosures. Is that true?
Flag Wed Mar 27, 2013
Back in the 1980's that was a great way to buy a house, but most home loans since then have not allowed assumptions without qualifying and approval by the lender. You are correct when you say that the monthly payments are lower when buying a house instead of renting it.

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.
0 votes Thank Flag Link Fri Jun 22, 2012
Thing of the past aka "when you were a kid" ... recommend to contact a mortgage broker submit a loan application purchase a home

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
Multimillion Dollar Sales Producer
972-699-9111
http://www.lynn911.com

Follow me on Facebook
http://www.facebook.com/lynn911dallas
0 votes Thank Flag Link Fri Jun 22, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer