Purchasing a property "Subject to"

[Jodi Kaili]

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!

[James C.]

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