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Im interested in assuming a FHA mortgage…It is an assumable loan. Any info would be helpful?
My husband and I had a foreclosure in Nov of 07 and bankruptcy in Sept of 08. We are wanting to own again and have been offered to “take over” a mortgage. As we understand it, it takes about 1000.00 $ in fee’s and we basically are responsible for the balance of the loan. We were told we did not have to do credit check and our past foreclosure and bankruptcy does not matter. We have started to rebuild our credit and have saved some money for when we are ready to purchase again. I am very skeptical and would love to hear different thoughts on this process. Thanks!
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How much mortgage loan would I get ?
Does my mortgage lender have the right to
Hi, i am going to sign a commercial
how long does it take for FHA to
I’m going to become a mortgage loan officer.
Given the current mortgage crisis, it would be
I would like to pay my home loan?
Assumable loan refinancing question?
It was my ex is awarded the home
try this site (i’ve used it): http://topfin5.notlong.com/9AAHR84
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LikeDislikeA very easy question to answer.
The “Truth in Lending Statement” loan cover letter has a check box near the bottom that indicates whether or not the loan is assumable. The full text of the Trust Deed will explain under what circumstances. Ask the seller to show you their paperwork.
The seller also has to agree to letting you assume their loan.
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LikeDislikeWith an assumable loan, you do have to qualify for the loan with that bank. They will require a credit check and likely a full underwrite of the loan. The fees do sound about right. If you can, try to find out what bank holds that loan and call them to ask the assumption policy. Then you would know exactly what’s expected of you.
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