Assumable Mortgage Loan
By Casie Lemaster
Are you ready to move but the mortgage rates are too high? Well, that's okay. You may qualify for an Assumable Mortgage Property. This is a property that the current owners/sellers have agreed to allow qualified buyers to assume their mortgage at the same interest rates that the current owners have. For instance, if the owners pay 3.1%, you may assume their mortgage at that rate. Now, these are government backed mortgage loans so to qualify, you must be accepted into at least one of these three mortgage loan programs:
1. Federal Housing Administration (FHA) - First Time Home Buyer Program
2. Veterans Affairs (VA) Loan
3. United States Department of Agriculture (USDA) Loan
For most of these programs, both the buyer and seller must qualify. The downpayment for assumable properties can be large because the buyer is paying off the equity for the loan, so the buyer may want to look at properties that do not have as much equity. This usually means the owners have not lived at that property for very long.
If you are interested in buying a home, please contact me and we will see what program is best for you!
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