There are no assumable loans currently being written and if you do find and old one the interest rate will be a lot higher than the current market interest rate as well as you would still have to fully qualify for it. I would suggest you try to qualify on your own. If I can help in anyway please click on the link below in the web reference.... more
The mortgage underwriting guidelines are there to protect you more than the lender. Anything you do to try and â€œwork aroundâ€ them substantially increases your risk. I say this because with long term rates as low as they are now there must be some reason you donâ€™t arrange financing through a federally supervised intuition.
Forget the scam stuff, what happens if the seller dies, gets divorced, sued, goes belly up, has the existing loan called due because he signed a contract with you, etc.? Exactly, even if you donâ€™t get scammed people get hit by busses. Fix your issue, then buy a home, good luck,
Oh, btw, lenders will not approve you taking over payments if you don't qualify so don't spend a lot of money thinking it is just between you and the seller, it isn't.
NMLS # 6395
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.... more
When it comes to any safety/crime related issues, it's always best to contact the local police department with all your questions, hear all there is to hear firsthand. If unfamiliar with the area do revisit more than once and at different times of day, possibly chat with locals/neighbors. Real estate professionals are prohibited from steering, enticing a buyer to purchase/rent, or not, in specific neighborhoods.
MORTGAGE QUESTIONSWhat is the cutoff between conventional and jumbo mortgages in the Incline Village market? Are there any competitive mortgage products out there that allow less than 20% down, or are those
You do need the advice of a divorce Atty. Division of assets will always be an argument or the courts will decide for you. Division of assets includes all Debt. You may not want the home due to the value unless the Lender works with you. Interest expense will be determined if you file a Joint tax reurn or as a single tax payer.
Jim Soda Group 941-809-7759
Soda BLOG at: http://sodasells.wordpress.com/
Prudential Palms Realty
Sarasota-Lakewood Ranch-Siesta Key-Longboat Key