Asked by Mike, West Des Moines, IA • Sun Mar 22, 2009
My wife and I currently own a WDM Triton townhome, purchased in 2005 for $125,000 and owe $116,000 on it now. We are cash limited at this point, and have considered attempting to do FHA assumption for someone to take over our current mortgage at 5.75%. I know rates can be had for lower, but this does allow qualified buyers to take over with no downpayment.
On the same note, I'm looking at assuming someone else's mortgage for the same reason. Would like to move up sooner, I know some will recommend saving up the 20%, etc.
My income is $72,000 and my wife's is $21,000. Current mortgage is in my name only.
I'd like to find someone trustworthy who can work with us on this, but understand cash reserves we have aren't necessarily available for downpayment.
Real Estate in West Des Moines
Popular Categories in West Des Moines
Email me when…
Success! Your email alert settings have been saved. Access all your email alerts in your My Trulia account anytime!