Home Buying in 94547>Question Details

Eduardo Tech, Other/Just Looking in Contra Costa County,...

Are there still any assumable loans out there, if so, how do I find one in san francisco bay area?

Asked by Eduardo Tech, Contra Costa County, CA Mon Mar 23, 2009

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Great Question, Just wondering, why are you seeking to assume a loan? Today In many cases the loan amount will exceed the value of the property. Remember you still must qualify to the lender of record for the assumption of any loan.
A mortgage loan that allows a new home purchaser to undertake the obligation of the existing loan with no change in loan terms. Loans without Due-On-Sale Clauses, including most FHA and VA mortgages, are generally assumable.

Best of Luck in your search!
1 vote Thank Flag Link Sun Aug 16, 2009
There are many homes with assumable loans. Many loans made by Wells-Fargo last year for example. You still have to qualify though, and with today's interest rates it is doubtful if you would find it worth while to assume a loan.

Generally, your best bet is to focus on finding the right house for you, then by all means check with your agent if the loan is assumable at an advantageous rate.

Bernard Gibbons

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Bernard Gibbons, Realtor, e-PRO Certified Internet Specialist
J. Rockcliff Realtors, 15 Railroad Avenue, Danville, CA 94526
Phone (925) 997-1585
bernard@bernardgibbons.com
0 votes Thank Flag Link Mon Mar 23, 2009
There are few assumable loans around. They can be identified through title search. If I may ask, why are you seeking to assume a loan? In most cases the encumbrance will exceed the value of the property.
0 votes Thank Flag Link Mon Mar 23, 2009
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