Posted on: 03rd Sep, 2009 08:40 am
ARE FHA LOANS ASSUMABLE?
Yes
Check this out
http://www.mortgagefit.com/assumable-mortgage.html
http://www.mortgagefit.com/assumable-mortgage.html
Yes. FHA Loans are assumable.
You can assume an existing FHA-insured loan.Also you can allow buyer to assume your loan as you want to sell it.
Assuming a loan can be very beneficial. The process for assumable loan is less expensive and s simplest one as compared to new loan. Process is streamlined.Assuming a loan can often result in a lower interest rate.
The application process consists of ONLY a credit check and no property appraisal is required. In this process buyer have to demonstrate that he has enough income to support the mortgage loan.
Thus as in new loan buyer has to qualify the requirements of loan , here also buyer has to qualify the loan requirements.
You can assume an existing FHA-insured loan.Also you can allow buyer to assume your loan as you want to sell it.
Assuming a loan can be very beneficial. The process for assumable loan is less expensive and s simplest one as compared to new loan. Process is streamlined.Assuming a loan can often result in a lower interest rate.
The application process consists of ONLY a credit check and no property appraisal is required. In this process buyer have to demonstrate that he has enough income to support the mortgage loan.
Thus as in new loan buyer has to qualify the requirements of loan , here also buyer has to qualify the loan requirements.
Yes. you can save a lot by assuming a loan. infact 1.5% PMI can be saved without by assuming a loan