This entry was posted on Thursday, August 5th, 2010 at 8:56 am and is filed under Cedar Rapids Realtors. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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FHA & VA loans are assumable but the person trying to assume the loan has to be approved to assume it. The servicing company would be the best place to start. Be sure you get a release from liability if this happens…or they will own the house & you will own the debt. A person does not have to be a Vet to assume a VA loan.
Some Conventional ARMs used to be assumable.
You better look at your paperwork before you advertise it as assumable.
Is the mortgage company allowing you to transfer the loan? very few loans are assumable – Do you know how to prepare all the paperwork for the agreement of sale, contacting title agents, etc? – without an agent, you only way to market the house is an expensive newspaper ad for weeks or months
Assumables are an endangered species. Are you sure you have one? Most people don’t look for assumables anymore.
In addition to the first response, unless your existing assumable loan is one with excellent rates, there is no value to selling as such. The mortgage firm will require any buyer to pass the same credit check which it would need if the buyer walked in off the street. The fact that your loan is assumable does not mean that anyone can assume same.
Check with the bank first…because unless you have an FHA or a VA loan, I would bet money your loan is NOT assumable.
If you took out the loan in the last 20 years, I can already tell you that it’s not.