Is it possible to take over my landlords mortgage? They are not in default, just private owners renting, but wanting out of the landlord situation.

Asked by kyletknight, 33324 Fri Nov 30, 2012

I recently talked to my landlords, they are willing to sell me the place, but I lack the cash on hand to put down a down payment with a bank.

Help the community by answering this question:

+ web reference
Web reference:

Answers

7
Danny Vargo, Agent, Fort Lauderdale, FL
Wed May 22, 2013
Have your landlord first find out if the loan is assumable. Likely it is not. If it is not assumable, he should at least be able to tell you what he owes.

A realtor or real estate attorney can guide you as to what the home is worth. Their are some excellent first time buyer programs in Davie and Plantation that can take care of most of the down payment for you. I am a grant specialist and would be happy to help you.

If you don't use a realtor, at least use a real estate attorney to review all documents related to the purchase and definitely to draw up a purchase agreement.
0 votes
Nancy Doyle, Agent, Cape Coral, FL
Fri Nov 30, 2012
Hi,
James hit it right on. You need to speak with the bank who currently owns the note.


Best of luck,
Nancy
0 votes
Andrew Muller, Agent, Weston, FL
Fri Nov 30, 2012
No cash is not as much of a problem. With FHA you can have a close relative help with downpayment, as a gift.
I can help you in person with more details, depending on your situation.
Remember there are no cases are the same, everyone has a unique scenario.
Call me or e-mail me to discuss the loan situation and once that is out of the way we can see what is available for you.



Andrew Muller LOAN ORIGINATOR NMLS#384950
REALTOR ASSOCIATE LIC# 0604762
2214 Weston Rd Weston Fl 33326
305.343.1135 (24/7)
AMuller@bestbeach.net or amu210@aol.com
e- FAX: 305.403.3535
"I rather under-promise and over-deliver!"
0 votes
Stefanie Coh…, Agent, Weston, FL
Fri Nov 30, 2012
Unless they have an assumable loan, that will not work. Even if they did, chance are you would have to qualify and put down some cash.

Depending on your landlords situation, they could hold a private mortgage. However, they would need to pay off the existing loan at closing.

Their other option is to sell the property to an investor who will keep you as a tenant.

Best of luck!
Stefanie Cohen, PA, ABR, SFR
Prudential Florida Realty
0 votes
Ron Thomas, Agent, Fresno, CA
Fri Nov 30, 2012
Almost all LOANS are non-assumable.
Almost all LOANS are currently Upside-Down.
NO! It would not be a good idea.
0 votes
Tamika Moses, Agent, Pembroke Pines, FL
Fri Nov 30, 2012
Hello,

All mortgages are not assumable so you cannot take over your landlord's mortgage. You could do a lease with a option to buy, so the rent that you are paying can go towards the set purchase price. So when you have enough saved up you can purchase the property. If the property is under 423,000 you maybe able to qualify for FHA financing with just 3.5% down.


Thank you,
Tamika Moses
Keller Williams Realty Partners SW
954-404-4646
tmrealtor@yahoo.com
http://flapropertiesbytmoses.kwrealty.com/
0 votes
Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Fri Nov 30, 2012
-
-
With no money down you are wasting your time in that ZIP CODE unless you can do a VA loan or can chase down some Government Assistance Program for down payment which is turned on and off like a game the Gov. play on consumers.

Move west into the USDA area, buy your kid a pony, and make the drive each day to work if you want No Money Down.

If not, save 3.5% down payment and go with an FHA loan.

NOTE!!!!!!!!! FHA LOAN COSTS ARE GOING UP EVEN MORE IN 2013 AND THE MONTHLY MI IS GOING TO STAY ON FOR THE LIFE OF THE LOAN!

==
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more