Market Conditions in 31909>Question Details

Shane Smith, Home Buyer in Fortson, GA

I own a house located on Stubben Court, 31909. Current market? What are my options if I was willing to let someone assume my VA loan?

Asked by Shane Smith, Fortson, GA Sun Oct 14, 2012

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Current market is still decent for that zip code, if your home is in outstanding condition and you are not 'under water' with your mortgage. Under water would be if you still owe more than what the house is worth in today's market.

That may be the case if when you purchased the house, you added the funding fee to your mortgage amount, have never paid anything additional towards the principal or refinanced the loan. It also depends on how long you have had the mortage. In the first five or so years, the majority of your mortgage payment is going towards interest not the principal of the loan.

The purchaser would still have to qualify for a mortgage with the lender. Another thing to watch out for is the fact that interest rates have dropped considerably. If your rate is higher than the current interest rates, there would be no incentive for the buyer to do that.
1 vote Thank Flag Link Tue Nov 13, 2012
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