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Buying & Selling Real Estate

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Mike Landry
  • Investor
  • Montgomery, TX
149
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386
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Loan Assumption??

Mike Landry
  • Investor
  • Montgomery, TX
Posted Jun 24 2014, 11:42

Anyone know about current loan assumptions if they even allow them anymore. This would be for a VA Loan obtained in 2007. What are the closing costs associated with assuming a mortgage. I am guessing the original title ins and policy would stay with it and most costs would be associated with transferring the property and legal paperwork.

The remaining principle balance on the property is about market value.  However if it can be assumed than there would be no 20% down payment required and closing cost savings.  It is currently rented out through a property manager making a small but positive cash flow. This could be a good return on little cash invested.

Just trying to get creative.  thoughts?

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