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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]
Thu Oct 22, 2009
Will answered:
Nope. That's not entirely accurate.

You cannot have more then 4 properties that you have a mortgage on. This would include your primary home. However, you can still purchase another primary home even if you currently have a total of four mortgage reporting on your credit.


Does that make sense?
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0 votes 2 answers Share Flag
Fri Sep 4, 2009
Laura Lazar Kearns answered:
You can always try putting the word out there...a flyer on your local community board, an ad on Craigslist or your local Penny Pincher etc.
0 votes 3 answers Share Flag
Wed Apr 15, 2009
Steven Ornellas answered:
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. For Alameda, this is up to $729,750 for a single-family home. You can check other Counties and limits for 2, 3, and 4 unit properties here:
https://entp.hud.gov/idapp/html/hicostlook.cfm

There are a number of reasons for the difference between conforming and jumbo conforming rates:

1) The government is only guaranteeing the base conforming loan limits, so investors of mortgage-backed securities (MBS) are focusing their dollars there.

2) The FED purchases of MBS is focusing on the base conforming levels.

3) With weak demand by investors for non-guaranteed Jumbo MBS interest rates must be higher to attract investors.

See the following two links if you really want to understand how mortgage rates are determined:
http://docs.Steven-Anthony.com/SAR-HowMortgageRatesAreDeterm…
http://docs.Steven-Anthony.com/RateShopping-DoItRight.pdf

If you truly are serious about buying your first step should be a loan pre-approval to confirm what you can actually afford before placing an offer. You can read more about the loan pre-approval process here: http://www.Steven-Anthony.com/default.aspx?pp=39377

Of particular interest is the FHA program:
1) 3.5% minimum Downpayment.
2) Up to a 6% Seller Credit allowed for buyer's closing costs and Seller concessions (non-FHA max is 3%).
3) FHA requires that identified safety/health issues be corrected.
4) FHA allows up to $8,000 in financed energy efficient upgrades without negatively affecting borrower's debt-to-income ratio.
5) Cash reserves not required.
6) Upfront Mortgage Insurance may be financed.
7) Non-occupying co-borrowers are allowed.
8) High and flexible qualifying ratios.
9) FHA loans are assumable.
10) No pre-payment penalties.
11) Will consider "compensating factors" in determining whether a loan should be granted.

This chart provides information on the First Time Home Buyer Federal tax credit:
http://docs.Steven-Anthony.com/HR1-FTHB-TaxCredit.pdf

I would be happy to set you up with an automated MLS search agent for properties that meet your search criteria. Results would be automatically emailed to you. Contact me if you are interested.

Best, Steve
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Sun Aug 9, 2009
No one answered:
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 population of 23,000, This town sits near the mouth of the Piscataqua River, a short, wide river that divides New Hampshire and Maine. The city also is at the hub of a metropolitan region that includes several small cities and many towns. The city has stylish restaurants and a buzzing night life.Portsmouth has a repertory theater, concerts at the Music Hall, more than 100 eateries and continuing education classes at the University of New Hampshire. ... more
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Fri Jul 24, 2015
Andres Garcia answered:
FHA loans in essence are the new sub-prime product. They allow you to buy a home with as little as 3.5% down and to have a much lower credit score. The major disadvantage is cost. You will typically pay a higher interest rate. You will also have to pay mortgage insurance, in both the form of an upfront premium and in the form of monthly premium.

While may people will also argue that appraisal are stricter and that FHA loans take longer to close, that is really not the case anymore.

Andres Garcia
Sales Associate
RE/MAX Gold Coast Realty
56 Newark Street
Hoboken, NJ 07030
Direct: 201 795-5200 x340
Office: 201 795-0100
Fax: 201 795-1245
andres@milesquarerealty.com
http://www.milesquarerealty.com
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0 votes 6 answers Share Flag
Sat Apr 11, 2009
Marcy Moyer answered:
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 enough to say definately not. I can tell you that if you do get something that large for this price it will be in terrible shape and that will raise red flags with lenders. both appraisers and underwriters are being very picky about the condition of a house. They are refusing to make loans on houses they think are not in good enough shape.

Marcy
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0 votes 8 answers Share Flag
Mon Jul 20, 2015
Mike Ackerman & Oliver Burgelman answered:
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. If you don't really have a 'favorite' bank then search out a good mortgage broker, I have several names I'd be happy to send you without obligation. FHA is restrictive with whom they certify, so make sure whomever you speak with is certified!

In addtion, FHA loans have substantially more complexity to them, but the reward is great when it means you can realize the goal of homeownership as a first time buyer with as little as 3.5% down.

Believe it or not, you can even buy 2 - 4 units with an FHA loan as the loan amounts step up with the addition of each unit up to 4 total. Honestly you will be surprised after talking with a lender at what YOU CAN AFFORD!

One-family Two-family Three-family Four-family
FHA Limits $729,750.00 $934,200.00 $1,129,250.00 $1,403,400.00

In some cases, FHA will allow you to count up to 95% of the income of rental property to quality. FHA is a complex program and NOT everyone is conversant in it's complexities and nuances. You definitely want to speak to a lender who knows the rules, after you are pre-approved, then you are in a position and ready to SHOP for your first home. }:-)

Mike Ackerman
Zephyr Real Estate - Noe Valley
415-695-2715
ABZ@ZephyrSF.com
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0 votes 12 answers Share Flag
Sun Aug 3, 2014
Lisa Fraser answered:
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 people own investment properties as well as homes that they live in. If you are currently looking, I would suggest that you speak with a lender about this and they would be able to give you a more definitive answer. Most any Realtor is going to want you to be pre-qualified before they show you properties so this would be an important first step anyway.

Lisa M. Fraser
Realtor
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0 votes 11 answers Share Flag
Fri Apr 3, 2009
Marty S answered:
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

Precision Funding
877-238-6324 Ext 704
513-536-7184
877-238-6324 FAX
MSmith@PrecisionFundingUSA.com
http://www.PrecisionFundingUSA.com
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0 votes 11 answers Share Flag
Mon Sep 21, 2009
Luke Allison answered:
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 pocket roughly the same amount of money. The seller paying the closing costs simply delays that happening. However, down payments can no longer be paid for by the sellers so you would have to verify and come to close with 3.5% of the purchase price in funds.

If you have any questions, feel free to contact me.
Luke Allison
Flagstar Bank
828-777-8828
Luke.Allison@flagstar.com

Apply Online: flagstarloans.com/lallison
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0 votes 6 answers Share Flag
Fri Oct 11, 2013
Christopher Thomas answered:
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
Broker Associate, Sudler Sotheby's International Realty
773-418-0640 (Cell)
christopher.thomas@sothebysrealty.com
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0 votes 5 answers Share Flag
Thu Jul 23, 2015
Rick Frissell answered:
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 there be a home that has an assumable mortgage, it would likely be noted by the listing real estate agent. You could ask a local realtor if they can enter a search in MLS under either "financing" or "realtor comments" to find those listings.

But, I would suggest that you consider an FHA loan. FHA requires only 3.5% down payment. In this market your agent could negotiate closing costs in the offer and you could buy a nice house for $10,000 down. This would allow you to find a house that meets your "home needs" instead of finding an assumable house that might not be the house you really want or in the location that is your preference.

We have an Atlanta office and you can visit our site at http://gwinnettdwellings.com/

Rick Frissell
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0 votes 27 answers Share Flag
Tue Dec 22, 2015
answered:
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 way to buy a home if you don't qualify for a conventional mortgage.

If you'd like help putting a contract sale together or have us take a closer look at getting you qualified for a new home loan, I'd be happy to help!

Even if you do a contract sale, you'd want to make sure that you'll be able to finance the home on your own in the next two years. Most contract sales have a balloon, which means it must be paid in full within a certain amount of time.

I hope this helps!! I'd love to help further if I can. There are many properties for sale in Urbandale right now, I'm sure there are some properties considering selling on contract.
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0 votes 4 answers Share Flag
Mon Jan 5, 2009
Grant Linscott answered:
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 you considering purchasing a building? Let me know if I can help and I'm always available on my cell.

Best,

Grant Linscott
Keller Williams Realty
323.333.6222 cell
grantlinscottproperty@gmail.com
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0 votes 6 answers Share Flag
Thu Dec 18, 2008
Luke Allison answered:
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 there is a lot of damage on the interior or health/safety issues.

If you need any help obtaining a VA loan or have any questions, feel free to contact me.

Luke Allison
Flagstar Bank
828-777-8828
Luke.Allison@flagstar.com
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0 votes 1 answer Share Flag
Thu Feb 12, 2009
Randall Sandin answered:
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 qualified agent who can then help with your situation. By the way, Pawleys is a great place, our family vacations there eash year.

Please let me know if I can be of assistance,

Randall Sandin
843-209-9667
rsandin@carolinaone.com
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0 votes 6 answers Share Flag
Sat Dec 13, 2008
Jeremy Larkin - GRI answered:
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 order for them to help recover their loss they are about to take. They also do this to check and make sure you do indeed qualify to purchase the home before they take the property in question off the market. It really won't do any harm to talk to them if for no other reason, for competition sake for your benefit.

I've handled many of these foreclosed properties lately. Please let me know if i can help you with the purchase of the property you have in mind or any other property. The best part is my services are free for you to use. I'd love a chance to earn your business please contact me at 832-622-8100 or larkin@houstonicon.com.

Icon Realty Group, LLC is an independent real estate brokerage servicing Suburban North Houston, including The Woodlands, Spring, Conroe, Magnolia, Tomball, Cypress, and the surrounding area. Primary services include home purchases, residential home sales, leasing, investing, and property management. To learn more about us and the services we offer please go to our website at http://www.houstonicon.com/
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0 votes 9 answers Share Flag
Sat May 16, 2009
Vicky Chrisner answered:
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 payments. Yes, it can be for real. What happens is that you are buying the home for the amount left on their loan. If you can get your own loan and pay that much for the house, then you should do that. Chances are the house is not worth that much at the moment, and that's why they can't sell it to anyone else. After all, why else would they want to hand you the keys to their home AND to their credit? If you don't pay, it ruins their credit.

PLEASE do not do this activity without having an attorney involved who can make sure it is done right and advise you of all the negatives. Ask about title issues, owner delinquencies (can a lien be put on your house if they don't pay a bill), tax ramifications, loan terms, etc. It's generally only a good deal for you if you can't get a loan right now and want to buy a home, and even then it carries many risks.

Best of luck to you.
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0 votes 8 answers Share Flag
Wed Nov 5, 2008
Jackie answered:
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 amount of the money owed to pay off the debt. It has nothing to do with late payments. In order for the lender to accept a short payoff, they want to see a hardship, that the borrower can not afford the payments and it is a way to keep the property from becoming a bank owned property.

If the lender does go throught with the forclosure process and forcloses, you could put yourself at risk of being evicted after the sale.

Please call me and I will be happy to discuss this with you in detail.

Jay Gedanken
Broker Associate
PineappleHut Realty
858-605-5839
jay@pineapplehut.com
http://www.saveyoucash.com
.
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0 votes 6 answers Share Flag
Tue Apr 14, 2009
Scott Godzyk answered:
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 responsible and it goes on your credit. If teh house burns, is damaged or if they strip it, you are responsible for the damage. my advise is to stay away from this kind of proposal. it is not worth the all the negatives that can happen. goo dluck with your sale. ... more
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