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Assumable Mortgage Properties All Locations : Nationwide Real Estate Advice

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Activity 122
Showing results for Assumable Mortgage Properties [Clear search]
Mon Oct 17, 2011
The price hits for homepath are VERY extreme especially if you are trying to do the 97% financing.

If a property can be financed through FHA both the rate and fee's will be much less. Even though FHA has the monthly mortgage insurance. ... more
0 votes 7 answers Share Flag
Sun May 15, 2016
Scott Godzyk answered:
The advantage is you can get a higher sales price as you increase the amount of buyers. You really need to prequailfy teh buyer and mak sure they can afford it and have good credit, you dont ant to have to foreclose on them. You should use a lwyer to draw up the mortgage and note. ... more
0 votes 14 answers Share Flag
Sun Aug 20, 2017
Joe Homs answered:

You would need to clarity your question further. If you are talking about "assuming a loan," that is possible with condtions. If you want to "transfer" the mortgage to anohter property entirely, that is NOT possible. Let me know if I can assist you further

Joe Homs
Realty World
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0 votes 15 answers Share Flag
Thu Aug 11, 2016
Dan Tabit answered:
First, this is at its heart, a legal question that should be put before your mom’s estate attorney. There are several factors to consider which they would be best to advise you on.
Most mortgage contracts have a due on sale clause that would prevent the home from being transferred into your name, so unless you are advised to purchase it out right, you probably can’t do what you ask.
There are likely other lenders who could find a suitable loan product for you to buy the house under these circumstances, but again, talk to an estate attorney before you go too much further.
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0 votes 10 answers Share Flag
Mon Aug 1, 2011
Ron Thomas answered:
My son in Missouri just went thru the same thing; Uncertainty, no information, silence, rumor, visitors, whom do I pay my rent to, more visitors, changes new owners!

I would seriously doubt that you can assume their loan, and that is probably confidential anyway.
Your best best would be to contact a Realtor and have them research it for you.

Good luck and may God bless
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0 votes 8 answers Share Flag
Wed Jun 29, 2011
Tony and Holly Galarza answered:
Give me a call to discuss. you have a few different options, including Short Sale which is a great option.

you can reach me at 407-497-7688.

tony galarza
keller williams realty
0 votes 17 answers Share Flag
Tue Oct 16, 2012
Tim Moore answered:
Refinancing now might actually be a savings to you. You are going to need to speak to your lender about this because you will have to be approved and qualified to assume an fha loan.
0 votes 5 answers Share Flag
Thu Aug 15, 2013
BG answered:
The key information any one will ask you is : how much underwater are you ? (outstanding mortgate vs comp). It seems like you are between two very difficult options; but, you have to select one. ... more
0 votes 15 answers Share Flag
Mon Jun 3, 2013
Bill Ahls answered:
Yes!!! There are MANY homes in the area that qualify for 100% USDA financing (with no PMI). Call or email me when you have a moment.

Bill Ahls
0 votes 15 answers Share Flag
Mon Mar 28, 2011
David Cooper answered:
The bank won't give you a hard time, they won't even consider it unless each party to the LLC personally guarantee's the loan.

David Cooper. Las Vegas Foreclosure Investor in Bank Owned Cash flow Houses. FReee List +1-7024997037...
not a real estate agent. ask about limited partnerships
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0 votes 4 answers Share Flag
Wed Mar 23, 2011
Brenda Feria answered:
Bondo, First of all, if you are going to offer owner financing, you need to have a real estate attorney set up the paperwork involved with that. There are both advantages and disadvantages in offering owner financing.

Advantages are: Over a period of time, you can make more money off of the sale of your property than with a traditional sale; It might make it easier to sell the property if your are offering terms which are competitive with the local lenders (Financing does sell homes. Back in the 80's recession, we had assumable VA and FHA loans that were selling properties that would otherwise not sell. Some involved qualifying the buyer and others did not.)

Disadvantages are: The buyer could default. The property could be in worse condition than when you sold it.; You don't get your money upfront; You are bound by the agreement for the time period provided - Things might change in your financial situation. Ther are less options for liquidating assets.

I am not an accountant, so I am not sure of the tax consequences as well. It would be prudent for you to consult with a real estate attorney as well as a tax consultant before you decide to do this.

Great question.
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0 votes 3 answers Share Flag
Tue Mar 1, 2011
iNSITES Team answered:
Hi Connor-

You might ask your agent to find out if there have been any recent, non-cash transactions in the complex and find out who loaned the money. If there haven't been any for a while, does the seller have a loan that might be assumable? If so, have your agent start a discussion with the seller's agent to see if the seller will carry back a second mortgage to bridge the gap between your down payment (I'm assuming low because of the FHA approval), and the first mortgage.

If the loan isn't assumable, a portfolio lender (one that holds a percentage of their loans in their own portfolio instead of trying to sell all of them in secondary markets) is more likely to take the loan if the loan-to-value on the first mortgage is low, so the same seller carry-back discussion applies. Contact a couple of local mortgage brokers and run the scenario by might find one with the right lending source.

If neither option works, the seller risks selling for a lower price because he/she might only be able to sell to cash buyers. At this point, there are other options including long lease options, AITDs, private money, etc., but there are risks/challenges with each and you should consult with your agent and an attorney to understand what your options are and how each might affect you.

The bottom line is you want to get as many ideas on the table before walking away. It doesn't always work out, but I've found if there are willing and creative buyers and sellers being led by creative and experienced agents, amazing things can happen!

Best regards,

Jon Perkins
(805) 284-3660 direct
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0 votes 8 answers Share Flag
Wed Mar 16, 2011
Scott Godzyk answered:
Without looking at what you are, it is tough to answer, with an assumable mortgage, there is quailifying , where you must quailify as any mortgage or non quailifying where you pay a fee and assume the payments, usually though the original borrower is not released from the note though. A good buyer broker can asisst you , if you are going at it alone, you will want an attorney to review it before signing ... more
0 votes 8 answers Share Flag
Mon May 29, 2017
Ray And Karen Levy answered:

If the home is in an area approved for USDA.

The lender must also be USDA approved.
0 votes 22 answers Share Flag
Tue Jun 28, 2016
Sergio Hernandez answered:
Shouldn't you have asked the question before getting the loan?
0 votes 7 answers Share Flag
Sat Sep 20, 2014
Jessica Nooney answered:

You are absolutely correct. In order to assume a mortgage, you'll need to qualify with that specific lender. Could it be that the owner will hold the mortgage for you? In that instance, the current owner becomes "the bank" per se. Make sure you speak with a local broker or real estate attorney. Also make sure you get everything in writing from the Seller, with regards to their offer.

I'm happy to help if you have any further questions or concerns.


Jessica E. Nooney
Weichert Realtors
(609) 654-8633 Ext. 121
(609) 276-8183 (CELL)
(609) 479-5333 (Direct Fax)

"Helping You Reach Your Real Estate Goals - Buying or Selling"
... more
0 votes 12 answers Share Flag
Tue Mar 1, 2011
tictactoe answered:
I think I need to put more information. The house I am looking for is either in san ramon or castro valley and a single family. I have around 760 credit score. Since I can put 10% down payment, the loan amount is 540K. ... more
0 votes 12 answers Share Flag
Wed Feb 23, 2011
Ruben Pizarro answered:
Fixed rates are at 4.5-5.0% i'd get fixed rate. If you do an arm you might not have an option but to sell it in the future.
0 votes 19 answers Share Flag
Mon Nov 12, 2012
Thomas Cantalini answered:
You still need a a VA approved lender to originate the loan. If you need a few to choose from , let me know. Good Luck!
0 votes 16 answers Share Flag
Wed Dec 22, 2010
Bill Eckler answered:

Thank you for your question.....

Realty Trac information can be a bit confusing and many people find their information you are not alone-regardless of your level of experience. Our advice is to seek a local real estate professional for their support. They will be able to provide you with the information you require and guide you through the buying process.

Determining the successful purchase price of a foreclosure can depend on a number of factors including-condition of the property, the amount owed to the bank, length of time on the market, the banks level of motivation, amount of interest in the property, etc. There is no magic formula.....but an agent familiar with your location should be able to help you.

We recently closed on a transaction in which the bank foreclosed on an amount of $75,000 owed to them and put an asking price on the property of $175,000. The message here is that it's important to do research and be familiar with the area's recent market activity of similar property.

Good luck,

... more
0 votes 8 answers Share Flag
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