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Updated over 7 years ago on . Most recent reply

Purchasing a property "Subject to"
Hi everyone! Wanted to get some clarity on whether obtaining a property "subject to" requires qualification of that loan. Thank you in advance! A very Happy and prosperous New Year to all!
Most Popular Reply
JodI,
Depends on the loan and docs.
FHA assumptions require qualification. Secondary market loans aren't usually assumable. Private mortgages - Ya gotta read the docs. Same for commercial mortgages, but those tend to be assumable without qualification.
With any assumption, read the docs, and then read them again.
Good luck,
Jim