Home Buying in 10473>Question Details

Bronx Star, Home Buyer in 10473

Assumable mortgages

Asked by Bronx Star, 10473 Thu Apr 16, 2009

How do I locate situations where a current homeowner might need another party to assume their mortgage? It seems like a good opportunity to purchase a two family home. Any advice or thoughts?

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ALL Fha and Va loans ARE assumable with qualification and the best place to advertise your home for sale with an assumable mortgage or search homes in your area by payment and/or interest rate is http://www.havemyhouse.com - Loan assumption is a great opportunity for both buyers and sellers!

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0 votes Thank Flag Link Fri Sep 4, 2009
The reality is that many banks do not allow for assumable mortgages and it may not be to your advantage. Rates are lower than they have been since 2003 and you are probably better off to just buy the house outright. Remember that the banks are in turmoil right now. take advantage of that by going through the normal methods of obtaining a property. If you try to assume a mortgage they may be in such a state of confusion that the banks will mess up the whole deal. Assuming a mortgage in this area still has to be approved by the bank holding the note. to be quite honest, it may be too confusing for them right now (have you guessed that I think that most of the banks are run by morons that need to be spoon fed everything). Let me know if you need anything else joegreene@weichert.com .
0 votes Thank Flag Link Thu Apr 16, 2009
You can always try putting the word out there...a flyer on your local community board, an ad on Craigslist or your local Penny Pincher etc.
0 votes Thank Flag Link Thu Apr 16, 2009
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