Realtor that can find assumable mortgage properties

2 Replies

I am looking for a realtor in Arizona that specializes with assumable mortgages. This seems safer then subject 2 deals but all the benefits with little down. Not the 20% with a conventional loan.  Any contacts? or wisdom?

Originally posted by @Dustin Sifford :

I am looking for a realtor in Arizona that specializes with assumable mortgages. This seems safer then subject 2 deals but all the benefits with little down. Not the 20% with a conventional loan.  Any contacts? or wisdom?

Anyone with a recent VA or FHA loan has an assumable mortgage.

Public records make most VA/FHA loans super easy to spot.

With a conventional mortgage on a property that sells for $400k, the loan amount will be $380k or $320k or something nice and round like that.

If it's a VA/FHA loan, it'll typically be $392,755 (FHA) or $408,600 (VA). Not really nice and round.

Divide loan amount by sales price, and if it's round then it's conventional, if it's a non-round number like 98.18% or 102.15% then it's a govvie loan.

There really is no great advantage to this.....you are assuming these people will have little to no equity, and to assume these loans you will have to be an owner occupant, in which case you wouldn’t need 25% down.

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