assuming an FHA loan - Posted by R. Trevino
Posted by R. Trevino on January 23, 2002 at 15:29:40:
My brothers have an FHA mortgage that originated in the late 70s. I hear it is fully assumable with no qualifying. They are willing to let me assume it but my question is: how dificult will it be to refinance to pay off the origanal balance and remodel the house a little. The house is worth about 40k and the balance is arounf 5k.I wouldn’t be looking for a full loan. Just enought to pay off the first and fix it up a bit.But I have bad credit. Is it still possible?