Home Buying in 32257>Question Details

Kyle, Renter in 32257

WANTED TO KNOW IF V.A. NON QUAILIFYING HOMES/MORTGAGES SILL EXISTED AND IF SO ARE THERE ANY IN THE JACKSONVILLE MANDARIN AREA !!!!!

Asked by Kyle, 32257 Tue Jul 31, 2012

Help the community by answering this question:

Answers

4
FHA loans can be assumed under a couple of different situations. The buyer can summit qualifying information and have the original mortgagee removed from liability, if the new buyer qualifies. In the past, FHA loans have been assumed without qualifying but the original mortgagee is still liable for the loan if the new buyer does not make the payments. The original note and mortgage should have specifics on whether the loan can be assumed and under what conditions. Most assumable loans are at a higher interest rate than what is offered now, therefore, most buyers are not interested in assuming these higher interest rate loans. In addition, you may need a 2nd mortgage in order to purchase the property and pay the seller their equity and sales expenses. There are down payment assistance programs available in Jacksonville, FL for first time home buyers. bkgravitt@gmail.com.
0 votes Thank Flag Link Thu Aug 2, 2012
Kyle,

Try a credit union, they may not have the "strict" criteria the typical bank or lender will have.

Lastly try http://www.NACA.com but make sure to have your Realtor input your details or you may be "assigned" a Realtor.

All the best,
Alma Kee
http://www.SoldOnTampa.com
0 votes Thank Flag Link Wed Aug 1, 2012
Gotta look for the "due on sale" clause in the conrtact, and get a knowledgeable attorney in this particular field to help you out. The documentation will let you know if the loan is easily assumabable, I said "easy" because sometimes there are workarounds. And, EVERYTHING MUST BE DISCLOSED.
0 votes Thank Flag Link Wed Aug 1, 2012
Unless I'm wrong, it was FHA that had NON-qualifying assumable loans. VA have been assumable, but must qualify
0 votes Thank Flag Link Wed Aug 1, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer