Assumable Mortgage Properties All Locations : Advice

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Steve Ornell…, Real Estate Pro in Fremont, CA
Steve Ornellas answered:
Conforming loan limits in Alameda county in CA
Hi Newinfremont,

The base conforming loan limit is up to $417K. This is where the best rate will be found. There is also a temporary "Jumbo Conforming" limit based on one's County. ... more
0 votes Share Flag Wed Apr 15, 2009 Financing in Fremont
No one, Real Estate Pro in Arts District HOA, I...
No one answered:
I am looking to relocate in May2010 or before to the Manchester, NH. I am retiree, 60yrs young. What are the?
Copied from the website http://www.americasbestonline.net/retire.html. I also here that Nashua is a good town to retire I hope this helps! :)

2. Portsmouth, NH -
Portsmouth has a ... more
0 votes Share Flag Sun Aug 9, 2009 Rent vs Buy in Manchester
Marcy Moyer, Real Estate Pro in Palo Alto, CA
Marcy Moyer answered:
Interested in a fixer-upper with 2-3 bedrooms, 2 baths and about 3-4000 sq ft lot in a decent neighborhood
Adelina,
In my experience you can no get 3-4000 sq feet for 550K in this area, Sunnyvale, Santa Clara, south or west San Jose. I do not know the areas of east or north San Jose well en ... more
0 votes Share Flag Sat Apr 11, 2009 Home Buying in Sunnyvale
Michael Acke…, Real Estate Pro in San Francisco, CA
Michael Ackerman answered:
Can I buy a house with FHA Loan in San Francisco ?
Katie,

Why yes of course you can buy a house in San Francisco with an FHA loan!

Point yourself in the direction of your 'favorite' bank with whom you already have a relationship ... more
0 votes Share Flag Thu Apr 14, 2011 Home Buying in 94134
Lisa M. Fras…, Real Estate Pro in Anchorage, AK
Lisa M. Fraser answered:
If both mortgages are covered between my income and rental income am I likely/unlikely to get approved?
Ed,

I would say that as long as you maintain your good credit and can show that you have received steady rental income from your duplex that it would not be an issue. A number of pe ... more
0 votes Share Flag Sun Aug 3, 2014 Financing in Anchorage
Marty S, Real Estate Pro in Irvine, CA
Marty S answered:
Will FHA loan on REOs and Short Sale?
Yes they will. Sit down with a local mortgage broker and discuss your pre approval options.

I am a mortgage broker. If I can be of service, please let me know!

Martin Smith

P ... more
0 votes Share Flag Fri Apr 3, 2009 Home Buying in Gilroy
Luke Allison, Real Estate Pro in Asheville, NC
Luke Allison answered:
Does the seller ever pay the down payment?
No, there is nit much of a difference in those 2 scenarios. The seller would walk away with the same amount of funds and in the end (when the loan is paid off) you would be out of pock ... more
0 votes Share Flag Mon Sep 21, 2009 Home Buying in 84044
Christopher.…, Real Estate Pro in Chicago, IL
Christopher.Thomas answered:
We are looking for a refi with a 20 year or 15 year fixed rate & term on 6 unit. Has anyone seen it
Dear Tom,

Are you looking for a property with an assumable loan with the terms you described above?

Or are you looking for a loan product?

Sincerely,
Christopher Thomas
Broke ... more
0 votes Share Flag Fri Oct 11, 2013 Financing in Chicago
Rick Frissell, Real Estate Pro in Brandon, FL
Rick Frissell answered:
How do I find homes on the market that have assumable mortgages?
Hi Pkpk,

Assumable mortgages are very rare anymore. Most lenders and included a "due on sale" clause that terminates the mortgage by the current owner at time of the sale.

Should ... more
0 votes Share Flag Tue Sep 16, 2014 Home Buying in 30341
Tyler Osby, Real Estate Pro in Des Moines, IA
Tyler Osby answered:
Are Non-Qualifying Assumable Mortgages still out there?
The short answer is yes. Assumable mortgages do have qualifications.

My advice would be to put together a contract sale. Often times, this requires a down payment, but is a great w ... more
0 votes Share Flag Fri Sep 6, 2013 Home Buying in Urbandale
Grant Linsco…, Real Estate Pro in Los Angeles, CA
Grant Linscott answered:
what happens to the tenants, that are their?
Hi Tina,

As long as the building falls under a rent control ordinance, the tenants are somewhat protected or should be compensated for moving. Do you live in this building or are yo ... more
0 votes Share Flag Mon Jan 5, 2009 Foreclosure in Los Angeles
Luke Allison, Real Estate Pro in Asheville, NC
Luke Allison answered:
Is this an assumable loan and at what interest rate? Would this home qualify for a VA loan?
You probably would not be able to assume any loan in this market. You would be better off going with a VA purchase anyway. I can't see any reason why it wouldn't be eligible unless th ... more
0 votes Share Flag Thu Dec 18, 2008 General Area in Covington
Randall Sand…, Real Estate Pro in Charleston, SC
Randall Sandin answered:
We are looking to assume a mortgage in the Pawleys Island area and wondered if anyone knows of an opportuni ...
Hello Robert - I am an agent with Carolina One in Charleston. We have a referral agreement with a number of agencies in the Pawleys island area. If you would like, I can refer you to a ... more
0 votes Share Flag Thu Feb 12, 2009 Home Buying in Pawleys Island
Jeremy Larkin…, Real Estate Pro in The Woodlands, TX
Jeremy Larkin - GRI answered:
Why can't i use my own?
You still can use your own lender.

I've seen a lot of that lately. Probably because the bank that owns the property would like a shot at handling your mortgage of the property in or ... more
0 votes Share Flag Sat Dec 13, 2008 Home Buying in Houston
Vicky Chrisn…, Real Estate Pro in 20132
Vicky Chrisner answered:
no money down
I can't speak to a specific ad, of course; nor can I speak to your state laws. However, sounds like these people may be about to lose their home to foreclosure if no one takes over pay ... more
0 votes Share Flag Sat May 16, 2009 Home Buying in Novato
Jackie, Other/Just Looking in Santo, TX
Jackie answered:
we are considering renting a pre short sale home with the intention of possibly buying it when this happens.
Laura,

It does not matter if the owner is late or not on their payments for it to be a short sale. A short sale is simply a transaction where the lender accepts less than the full a ... more
0 votes Share Flag Wed Nov 5, 2008 Foreclosure in San Diego
Scott Godzyk, Real Estate Pro in 03109
Scott Godzyk answered:
I have been approached by an organization offering to "take over my payments". Is this a total scam?
Yes and no. some are and some may be legitimate but more of a concern for you is that if someone takes over payments you are still on the hook for the mortgage. if they default you are ... more
0 votes Share Flag Tue Apr 14, 2009 Home Selling in 55805
Other/Just L…, Other/Just Looking in Fleming Fitch Grant,...
Other/Just Looking answered:
FHA loan--Am I stuck?
Lender answer:

I am unaware on a clause in an FHA insured mortgage which would prevent you from renting out your home. Such a clause suggests to me (a non-lawyer) that it would inte ... more
0 votes Share Flag Wed May 1, 2013 Financing in 08028
Tom Braatz, Real Estate Pro in Oconomowoc, WI
Tom Braatz answered:
Is it safe to take over someones mortgage payments?
That is a load3d question. I would make sure to do a search and hold title and see if anything is secured against the property, get a GAP endorsement, and really find out what the prope ... more
0 votes Share Flag Wed May 19, 2010 Home Buying in San Diego
Bernard Gibb…, Real Estate Pro in Danville, CA
Bernard Gibbons answered:
True or False? You can take over mortgage payments for someone in pre-foreclosure wihtout having to qualify. ...
Wouldn't that be a great idea? I don't know where that one originated but I wouldn't give it too much credence.

Just think about it. If your home is in pre-foreclosure and you know s ... more
0 votes Share Flag Wed Apr 16, 2014 Home Buying in Concord
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