Home Buying in 84335>Question Details

Retiredone, Home Buyer in 84335

Can an investor assume a 2012-initated FHA loan? What are the estimated costs to the investor for a $110K sales price.?

Asked by Retiredone, 84335 Sat May 12, 2012

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I am not a mortgage person, but since the seller would have presumably signed a paper for FHA indicating he intended to LIVE in the home for a year as an owner/occupant, and since you are an investor with no intention of living in the home (and Yes, they do check)...I would suspect there are problems with this scenerio.
0 votes Thank Flag Link Sun May 13, 2012
I attempted an assumption of an FHA mortgage last year. FHA allows it- however, the lender (Wells Fargo) policy prohibited an assumption. I have Excel FICO, but no luck. FHA was not indicating a problem with the seller, as 'life happens'. They would like to keep the bucks flowing so they can lend the buyer's dollars out at a ratio of a 12:1 (minimum). Just be up front with them, if you want to take over or modify an existing mortgage/loan. Good luck.
Flag Wed May 8, 2013
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