Home Buying in 85374>Question Details

Bob, Home Buyer in 85374

are there assumable mortgage loans in az?

Asked by Bob, 85374 Wed Jan 12, 2011

Help the community by answering this question:


We have deals up north in Prescott that would fit the bill.
and all of these are owner carry or assumption.

We are in Prescott, not sure if you are interested,
Web Reference: http://bradbergamini.com
0 votes Thank Flag Link Fri Jan 14, 2011

There are absolutely assumable loans available. VA are assumable but I believe you have to be eligible for a VA loan but I am not 100% sure, so further exploration may be worth it. FHA guide is listed below, Hope that helps.

4155.1 7.1.a Assumability Restrictions

All Federal Housing Administration (FHA)-insured mortgages are assumable. However, since 1986, FHA has placed certain restrictions on the assumability of FHA-insured mortgages. Mortgages originated before December 1, 1986 generally contain no restrictions on assumability.
0 votes Thank Flag Link Thu Jan 13, 2011
Simple answer, yes, there are assumable loans everywhere...you just have to find them and meet the qualifications.
0 votes Thank Flag Link Thu Jan 13, 2011
For a qualified answer; contact a lender.
0 votes Thank Flag Link Wed Jan 12, 2011
Yes, FHA , VA are subject to lender review. FNMA, and FHLMC still have assumable loans on the books so its worth checking out. FHA simple assumption may still exist but that's going extremely rare and if memory serves they stopped issuing those type of loans in 84 or 85.

Hope that helps.
0 votes Thank Flag Link Wed Jan 12, 2011
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