FHA loans do not have and additional closing costs for sellers than conventional loans. Also, FHA loan appraisals are no more conservative than conventional appraisals. The same appraisers that do conventional loans many times do FHA appraisals as well.
In my opinion there is way too much misinformation out there about FHA and VA loans. Many times they are easier to close than conventional loans.... more
Assumption is a process in which one or more new borrowers are added to an exisiting mortgage in place of one or more old borrowers. The lender must approve of the substitution... which will be just like the process of application and approval of the original borrowers.
FHA loans are assumable. Other mortgages can be made assumable if they include a "Novation" clause. "Novation" is a legal term meaning substitution of parties.... more