Posted by JPiper on April 05, 2000 at 11:46:56:
Steve:
The date is November 15, 1989. Before this date FHA loans are assumable without qualifying. After this date they are assumable with qualifying. Either way, you pay a fee to assume.
Selling a loan to another lender does not change any of the terms in the original loan…to include the loan’s assumability.
JPiper
Helping others ends up helping yourself! - Posted by Bill Taylor
Posted by Bill Taylor on April 04, 2000 at 18:19:32:
I have been running an ad about buying houses and have received some int. calls. Got a call from an employee of a title company today and all she wants is to sell her house however all I have to do is make up her payments total of about 700 by the 17th of this month then take over her loan. Payment is just 264 p.i.t.i. 2 br I am pretty sure I can rent or L/O for at least 475 maybe even 500 a month. Not to bad of a cash on cash return I guess. I am offering to take this over subject to any suggestions would be appreciated. I think she said it was a FHA loan and I understand that these are not assumable todya is that correct? If not then I guess I will do Bronchicks cash cow deal where he has them put the prop in a land trust then gives me the title and then assigns me the beneficial int in the trust.Is that the order that everyone understands. The deals I have done in the past are cash deals or contracts or new mortgage. I have always had to be creastive to do my deals and these ideas that I have been picking up here seem even more interesting. Please help if you can, thanks. This board is the most helpful place to do creative real estate.
Re: Helping others ends up helping yourself! - Posted by Steve C., Houston-Remax
Posted by Steve C., Houston-Remax on April 05, 2000 at 11:19:38:
FHA loans after 1986 are often assumable with the lenders approval. Take a look at her mortgage and get all the facts. You may be able to take it over for an assumption fee. Please note that if the load was sold to another company, you will have to find out from them if the loan is still assumable. The loan originator’s rules may not still apply. Good luck!
Re: Helping others ends up helping yourself! - Posted by CarolFL
Posted by CarolFL on April 04, 2000 at 18:36:43:
You, of course, see this first and foremost as a way to help someone. I just love it! Doesn’t surprise me for a minute.
Bill, how old is the FHA loan - that’s the question on assumability.
otherwise, you’ve already outlined the solution! Have fun!
Carol