Posted by Lynn_Atlanta on May 01, 2000 at 22:59:24:
If it only costs $125 to assume than you shouldn’t have any other “major” closing costs. However, most loans that are “assumable non-qualifying” are going to be at least 10 years old and therefore the seller should have a large amount of equity that you may have to pay for, or maybe not 
If you are buying it as an investment property why not just take it subject-to instead of actually assuming? Same effect, less liability.
Happy Investing!
Lynn
NON-QUALIFYING ASSUMABLE LOAN sounds great, but — - Posted by Sydel - FL
Posted by Sydel - FL on May 01, 2000 at 20:49:42:
Can someone who has assumed non-qualifying loans clarify for me:
When I find a property with such a loan, where it only costs something like $125 to assume, that would be wonderful. But, wouldn’t I, as buyer, have to come up with considerable cash for closing costs? I apologize if this is an unsophisticated question, but I would really appreciate guidance on this.
Thanks for any help.
Re: NON-QUALIFYING ASSUMABLE LOAN sounds great, but — - Posted by Trump
Posted by Trump on May 02, 2000 at 14:17:41:
Assume no-quals are usually not that expensive. You need to order an assumption packett which will break down the lenders fees. You may also need to check the insurance policy coverages and make sure you get the money if the house burns. Call you closeing agent and get their fee’s, such as int. tax and deed stamps in your area. As long as you let your trust assume the loan, there is really no reason to take it subject to or contract for deed. GET THE DEED.
Re: NON-QUALIFYING ASSUMABLE LOAN sounds great, but — - Posted by carolFL
Posted by carolFL on May 02, 2000 at 07:59:47:
Lynn is right - you cantake it subject to, but that doesn’t solve the problem of any additional $$.
Whether or not the seller is looking for $$ over and above the assumption will determine what you can do and how.
It could be cash, it could be a seller held 2nd. If the CLTV was low enough it might even be a 2nd which could be sold and cashed out … or, they might want to just walk away from it. You never know until you ask.
Good luck,
carol