What benefit is Assumable w/Qualifying? - Posted by Buddy

Real Estate Investing
#1

Posted by BillW on January 12, 2001 at 17:34:43:

You’re correct, it is pretty useless to us as investors. No benefit at all. That’s why we prefer to do “subject to” deals. Otherwise, you’re exactly right-We might as well get a new loan. The lender wants you fully qualified and fully responsible for the loan with full recourse against you. Try looking for owner financing or explore ways to get around these requirements if you are willing to do it.
BillW.

#2

What benefit is Assumable w/Qualifying? - Posted by Buddy

Posted by Buddy on January 12, 2001 at 15:00:45:

If all/most FHA mortgages these days are assumable WITH qualifying, I was just wondering what benefit this is to us as investors? It’s really the same thing as me just taking out a new mortgage. I have to go through the bank’s credit check and proof of funds so it seems pretty useless to me.