assumable conventional loan?
is there any circumstance in which a conventional loan is assumable? I'm planning on buying a home this year but there's a possibility I could be relocating within the next 2-4 years. by SRadis_755_387 from Wilmington, North Carolina. Sep 6th 2012
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
There are no conforming, conventional loan products where they can be assumed without qualifying... ( VA and FHA are assumable with qualifying). 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
Travis Torcoletti (travis.torcoletti)
#0 ranked lender in South Carolina - 372 contributions
Mortgage loans are not assumable, the new borrower must qualify on their own for a new loan. You can rent the place out to a tennant and do owner financing or lease to own but they can not step in and assume the loan.
Barb Lanis (BarbLanis)
#69 ranked lender in Illinois - 679 contributions
FHA loans are Assumable. The borrower does need to qualify, though. It's a decent selling feature if rates are much higher when you sell.
Ask our community a question.
Get an answer
Related Questions
