Having seller refinance the house before selling, then assume mortgage

[Alex Silang]

I am going to buy my first rental property soon. As many of you know, you need to wait 2 years for rental income to count, so I'm going to need to wait 2 years to buy that second properrty.

I was thinking of ways around this. Would I be able to ask a seller to refinance the house, then sell the property to me and let me assume the mortgage? This might also be a good tactic if you are at the Fannie limit of 4 mortgages.

Thanks!

[Wayne Brooks]

Roy, rules for Fannie/Freddie loans. In the 70's and 80's most loans were assumable, now just FHA, with approval, and VA pretty much.