What types of mortgages are assumable? Would getting an assumable mortgage now be financially prudent?

FHA and VA loans are assumable.. For VA, you must have VA benefits available to you, and you must fully qualify to assume another persons loan. FHA loans are assumable with qualifying. There are no non-qualifying assumable loans issued anymore.. and there hasn't been for over 25 years. Currently, I really don't see a benefit to assuming someone else's mortgage. If current interest rates were in the 5% to 6% range, then it would make sense to assume a 3.5% mortgage, assuming you had the cash difference from the sale price to loan balance, but other than that, I really don't see a benefit.. For the person selling a home with an FHA or VA loan on it, there is no benefit to them whatsoever since in certain situations, the original borrower can still maintain some responsibility for the recently sold / assumable loan. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

FHA and VA loans are assumable, call a Lender411 loan officer in your area to get details on pros and cons.

FHA loans are assumable. There are advantages and disadvantages of every loan- call me and I will go over them with you.541-868-2660

Assumability will be an advantage years down the road when you want to sell. Lets say you get a FHA 3.25% 30 year fixed now and 6 years from now rates are 7%. Anyone applying for a loan at that time would have to qualify at the 7% rate, but your lender can qualify them at your 3.25% rate which in theory gives you more potential buyers. If your home goes up in value by 50% in that time there would need to be a large down payment from the buyer unless you wanted to carry most of the equity on a note. There are many variables depending on what rates and home values do. Additionally, FHA mortgage insurance is rather expensive compared to (non-assumable) conventional so you will most likely have a higher payment while you own.

FHA & VA loans are assumable. There are qualifying requirements. I'm licensed in OR and would be happy to assist you.

FHA is your best bet, unless you are an eligible veteran.

Williams answer is spot on !

FHA and VA loans are assumable

FHA loans are the most popular assumable loan, with VA following right behind. Assumable loans should be a great option today. Think about it. Let's assume mortgage interest rates 10-years from now are 8%. How cool would it be to be able to sell your home, allowing the buyer to assume your current 3.5% rate??

FHA and VA loans are assumable with requirements.

As many have answered here, VA and FHA loans are assumable, under qualifying conditions. In my experience, qualifying to assume a loan is very similar to a full loan qualification. Unless the interest rate on the assumed loan is substantially lower than local market rates for FHA and VA then assuming a higher interest rate note may not be your best bet. Today's rates are oustanding. When reviewing options, closing costs might be the factor on this as well, but the current market conditions allow for a lot of Yield Spread Premium (aka "Rebate") that is directly applied to your closing costs and can cover a lot of it, depending on the loan amount and market rate conditions. Down payment is low for FHA with 3.5% down payment required, but that can come entirely from a gift from family member or employer. Some local government agencies also offer down payment assistance programs. We have two branch offices on either side of you on I-5 in Milwaukie and Medford. I know the branch managers there so if you would like an introduction please let me know.