Posted by JPiper on May 09, 2000 at 10:10:53:
If memory serves, FHA loans may be assumed by an investor…but the loan cannot exceed 75% of market value as established by an appraisal. This should be verified as well. Can’t tell you what the rule is on VA.
I’d be cautious with information you receive from loan officers handling these loans…they may not be familiar with the guidelines.
There are some guidebooks on underwriting criteria available on the internet…don’t have a web address, but a good starting point is the HUD site.