Re: Assumable Mortgages - Posted by Chris
Posted by Chris on February 29, 2000 at 03:34:53:
FHA and VA mortgages were fully assumable/no qualifying up until the late 80’s. I have to look up the dates if you need them. So basically they are still around-but are becoming more and more rare because the most recent one is over 11 years old. Many of them have been refinanced or payed off.
You can look in the seller’s mortgage paperwork to see if there is a due on sale clause which is a giveaway that it is not assumable unless you qualify with the lender.
It is possible to make any mortgage fully assumable utilizing a land trust. You can read some of the articles on this site to see if that interests you. A lot of your competition will avoid the non-assumable properties, so if you know what they don’t know you are ahead of the game.
If you go over to the main newsgroup and do a search through the archives using the terms LAND TRUST, DUE ON SALE, ASSUMABLE you will get some education.