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Updated almost 2 years ago on . Most recent reply

Dan Grove's profile image
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Dan Grove
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Dan Grove
  • Member since Feb 13, 2023
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Dan Grove
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33
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Private Lending & Conventional Mortgage Advice

Assumable mortgage Question

Dan Grove
Posted

Hey all,

I am going to make an offer on a house that has an assumable FHA mortgage at 3.1%. The sale price is $200,000 and the loan balance is $142,000. The lower rate obviously has a huge impact on the returns.

1.  Can I take over he loan?

2.  Is it a good idea?

3.  What are the requirements?

Thanks so much

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Jeff Copeland
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  • from Tampa Bay/St Petersburg, FL
  • Member since Feb 24, 2015
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Jeff Copeland
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  • from Tampa Bay/St Petersburg, FL
  • Member since Feb 24, 2015
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Jeff Copeland
  • Real Estate Agent
  • Tampa Bay/St Petersburg, FL
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Jeff Copeland
  • Real Estate Agent
  • Tampa Bay/St Petersburg, FL
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Only another owner-occupant can assume an FHA loan, if they qualify based on the usual requirements (credit, income, and DTI).

  • Jeff Copeland
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