Updated 11 months ago on . Most recent reply
Getting a second mortgage on an assumable loan to cover the equity portion
We are looking to buy a primary home that's on a FHA loan that can be assumed(we have called the lender to make sure we can assume the loan). However, The seller has a high equity build up into the property of about 300k. So if we were to assume the loan, we need to take a second mortgage to cover the equity portion of the loan. I am trying to find lenders who can do this as not all lenders are willing to do a second mortgage. if anyone has successfully obtained a second mortgage. Let me know. Thanks in advance!