Did you know this?
FHA loans can still be assumed with us. Customers may have an opportunity to buy a property and assume the mortgage of the current owner. The seller (original owner) usually remains liable unless released by the lender. We will have to approve the new buyer in order to release the seller (original owner) from liability.
Available on all FHA products.
Qualifying
- The new customer and property must meet standard underwriting criteria.
- The sales price must be equal to or greater than the current balance. A property cannot be sold for less than the unpaid mortgage balance. LTV cannot exceed 100%.
- The customer may be required to provide a down payment, closing costs and escrows. (E.G., If the house is being sold for more than the unpaid principal balance of the loan, the seller isn't paying the closing costs, and the escrow account is short and taxes are paid in advance.) Verification of funds to Close is not required.
Send all of your buyers to us so we can get them in an assumable FHA loan that can be another huge selling point when your buyers are ready to sell down the road if interest rates rise significantly. I know, that's how I bought my house back in 1984 when rates were around 13% and I assumed an 11.5% loan!
Sam Thompson, PHH Mortgage Advisor. Your trusted source in making sure your buyers are getting the best service in the industry.
http://samthompson.phhmortgage.com/
GREAT DAY, WOULD YOU ASSIST ME, I WANT TO VERIFY THAT MY CLIENT FUND IS CORRECT, I AM AFRAID OF FRAUDS. I AM SEARCHING FOR A COMPANY OR INDIVIDUAL THAT WOULD VERIFY WITH MY CLIENTS BANK AND LAWYER, THAT THE FUND IS LEGAL AND THAT IT CAN BE INVESTED. VERIFICATION OF CONTRACT AGREEMENT, DEPOSIT CERTIFICATES AND ADDITIONAL CLEARANCE CERTIFICATES.THANK YOU
That is a separate issue. Realtors perform a service and receive commissions for their work and lenders receive fees for their work. Now if you are really asking if the lender charges a fee for this work then yes.
I am looking for an assumable loan, If you want to sell yours contact me. Thanks
I am a first-time home-owner and am interested in purchasing a home with an assumable mortgage. If I were to have another party assume the mortgage within a year, would there be any costs/losses incurred or could I do a transfer without additional costs?