FHA Assumable Loan Success

[Nathaniel Epps]

Hi everyone, this is my first post, so if I'm asking this question in the wrong area, my early apologies. I'm looking to purchase my first property, and I've been searching for properties with FHA Assumable loans. I do have a good amount of cash to make up the difference between the mortgage and the asking price, but I have a two-part question

1. Has anyone had any luck with assuming FHA residential home loans?

2. Has anyone been able to take out a second mortgage at closing to cover the difference?

I want to keep as much cash in reserve.

[Brad Jacobson]

Assuming an FHA loan is actually easier than I thought. All it takes is the right agent, title, and lender. As long as you qualify for the original note plus a second, you should have no problems. However, note that your second mortgage will have current interest rates.

Find a savvy, high producing agent in your area and he or she will get your assumption team taken care of.  The trick will be to find the right seller.

Good luck!