Mortgage Loan Assumption » loan.

Assumable Loan refinancing question?

admin — Wed, 26 Oct 2011 03:31:09 +0000

Question by Uggh: Assumable Loan refinancing question?
I bought a house and my mom cosigned for be on the loan, soon after we removed her name from the deed, so now her name is only on the mortgage loan. She has bad credit and can’t seem to get her own place so I’m trying to give her mines and move out (I’m 26 and need space for my family). I have qualified with my credit score and income but having one FHA loan I cannot get another. So i came up with an idea, if you have any REAL knowledge (not just guessing ppl) please tell me if this is possible because I am really trying to move asap.

If I refinance my home and get the equity out of it to use as a down payment on my new house, the orig. loan agreement I had will start over. Sign an agreement with my mom saying she will assume the loan(she’s already agreed to do whatever is neccesary).

Would that be good enough for the bank to allow me to get another FHA loan. I’m really trying to get out asap running out of ideas, she cant leave as she has nowhere else to go, other people are moving in, expecting second child need room.

Best answer:

Answer by wizjp
Nope. Your original loan has to have been assumable. Pretty much none are.

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How possible is it to qualify for an assumable loan with poor credit?

admin — Sat, 17 Sep 2011 15:24:11 +0000

Question by lotsofquestions: How possible is it to qualify for an assumable loan with poor credit?
I live in a very nice condo community where 80% of the condos are owned. I am a renter of a lovely unit and due to a horrible relationship and an abundance of medical bills that I could not keep up with I ended up filing bankruptcy. After scraping for over a year realized I was just in over my head and exploring all options finally had to give in and file. I have only been discharged for 2 months. As luck and timing would have it a neighbor is finishing up a 4 year “job” that she was transferred over from the South to do. She is ready to head back to where she calls “home” and has offered me the incredible opportunity to “assume” her loan and purchase her condo. I was not intending on buying anytime within the next few years as I knew it was going to be a worn traveled road to repair my credit. However, with her loan it totals almost $ 400 less then my rent assuming the interest etc would remain as is. She did verify her loan was assumable so that is not the issue. However, what an opportunity for me, what horrible timing as I have barely picked myself back up. I’m fine now financially with only a couple of items (car loan as one of them and not one late payment on it) that I did not include in the BK. I make a decent salary of $ 60k a year, and have been employed by the same company for 21 years. Do I squash the idea before the excitement gets me going….or is this even possible for me to dwell into. Wonderful opportunity I would love to jump on especially with the thought of a mortgage lower then my current rent. I would just hate to waste her time looking for another, or embarrass myself or even get my hopes up to be so disappointed later. Would rather just know before it all started.
The condo owner has checked and the loan is assumable as rare as that is now. The loan is also lower then the value of the condo, that has been verified as well. I also have a way to put a down payment if I chose to draw from my 401k for “first time buyers down payment” as one of the few things that we are allowed to draw for. Based on numbers I would have a minimum of 14% of the balance of the loan.

Best answer:

Answer by revolt
There is only one way to know for sure, talk to a lender, preferably a local lender as opposed to internet. They can give you a pretty good idea in just a day or so.Maybe even in a few hours. Explain everything fully so there are no suprises for them down the road. Good Luck

What do you think? Answer below!

Im interested in assuming a FHA mortgage…It is an assumable loan. Any info would be helpful?

admin — Mon, 25 Jul 2011 02:26:50 +0000

Question by Going Crazy!: 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!

Best answer:

Answer by Doretha
try this site (i’ve used it): http://topfin5.notlong.com/9AAHR84

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