Need Help With Assumable Mtg. - Posted by DaveG (WI)


#1

Posted by DanM(OR) on January 15, 1999 at 09:40:50:

Dave,

You may want to have him check whether or nit it is assumable as a non-owner occupied. Unless, you plan to live there.

Good Luck!

Dan


#2

Need Help With Assumable Mtg. - Posted by DaveG (WI)

Posted by DaveG (WI) on January 14, 1999 at 22:06:52:

I’m working with a motivate seller of a single family home. Seller has a 1 year old FHA mortgage at 7.25% 1 year ARM with 1% cap per year and overall cap of 5%. Seller checked with lender and mortgage is assumable.

My questions are 1. If I assume the mortage as a non-owner occupied property would the interest rate remain the same and 2. the lender told the seller that there is a fee of $545 for me to assume the mortgage. Is this common?