Posted by FJW on April 23, 1999 at 09:09:07:
How many other little clauses, nuances, and perceived beliefs, lawyers and contract writers have used as a play on words to strike fear in the minds of the signatories. Mr. Gatten(or somebody) calls it ‘functional fixedness’.
FJW
New FHA loans-assumable with a fee? - Posted by Shawn McCarty
Posted by Shawn McCarty on April 22, 1999 at 16:12:31:
I am trying to find out if FHA loans that are newer than 12-15-89 are assumable with a fee. Any info??? These would make for easy “Cash Cow” deals.
Shawn
Re: New FHA loans-assumable with a fee? - Posted by Mike Oldfield
Posted by Mike Oldfield on April 22, 1999 at 16:53:28:
Yes, But this is not the problem.
The problem is that you must qualify for the assumption.
FREELY ASSUMABLE GOOD
ASSUMABLE TO QUALIFIED BUYER NOT GOOD
The qualification process is nearly identicle to applying for a new loan. There is little benefit other than assuming a low interest rate. Many of these loan rates lately have a rate higher than what you can get with a new first loan.
Good Luck
Mike Oldfield
Yeah, but not if you assume it with a PACTrust or… - Posted by FJW
Posted by FJW on April 22, 1999 at 18:16:52:
a land trust. Haven’t seen any of Mr. Gattens witt(I mean wisdom) today, so I thought I’d stick my nose in. Pardon me. You’ll have to ask him for the full details. I’m not qualified. It’s still steeping into the old noggen.
FJW
FHA Sale Without Credit Approval - Posted by Marvin
Posted by Marvin on April 22, 1999 at 22:16:01:
An FHA clause I have seen, (effectively) prevents
one from transferring a property into a PACTrust
without consequence (DOS):
“Lender may, if permitted by applicable law and
with the prior approval of the Secretary, require
immediate payment in full…”
Wait a minute! If Garn-St. Germain is the applicable
law referred to above, then it is illegal for the
bank to call the loan when you put your property
into a PACTrust. Sorry FJW - my mistake.