I know that mortgage assumptions do not really exist anymore other than certain circumstances like FHA/VA/USDA loans.
But if the owner has a conventional loan at a local bank, in a small town, and a good relationship with the bank, can exceptions be made as long as there are no stated probitions of assumptions in the mortgage? Is this something a small local bank can work with, or are assumptions for sure not an option?
Thank you all!
If it is a conventional loan, no. The loan, while being serviced by the local bank is likely owned by Fannie Mae/Freddie Mac and is carved up into multiple mortgage bonds
@Russell Brazil thank you for the reply. If a loan has not been sold to Fannie and Freddie and is held by the local bank is an assumable loan possible then?
Yes, but then it wouldn’t be a “conventional” loan, it would be a portfolio (in house) loan.