I was just reading that FHA mortgages are assumable with bank approval. I would love to do this with a a multifamily property in Los Angeles, CA. Is there anything that I need to look out for? Does the property still have to pass the viability requirement for 3 and 4 units. I'm just starting this journey so assume I know nothing.
I have not encountered this but I would assume that they would expect you to be as qualified as the original borrower and meet all of the same criteria. Would love to hear the experience from someone who has assumed an FHA.