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Updated almost 2 years ago on . Most recent reply

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190
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Jake Handler
  • Real Estate Agent
  • Morristown, NJ
125
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190
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Finding assumable loans

Jake Handler
  • Real Estate Agent
  • Morristown, NJ
Posted

I was wondering if anyone has had any success or can share insight about the process of assuming a loan from a seller when acquiring a property.  The idea makes a ton of sense for both buyer and seller; but I was wondering if this is actually happening often from anyone who would like to contribute.  As a real estate agent I'm able to look through the closing disclosures of my sales and I have not yet found one loan to be assumable.  Is it less common locally to North Jersey, or less commonly available all together? 

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Chris Seveney
  • Investor
  • Virginia
17,347
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19,730
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Chris Seveney
  • Investor
  • Virginia
ModeratorReplied
Quote from @Jake Handler:

I was wondering if anyone has had any success or can share insight about the process of assuming a loan from a seller when acquiring a property.  The idea makes a ton of sense for both buyer and seller; but I was wondering if this is actually happening often from anyone who would like to contribute.  As a real estate agent I'm able to look through the closing disclosures of my sales and I have not yet found one loan to be assumable.  Is it less common locally to North Jersey, or less commonly available all together? 

The only loans available that are assumable I believe are VA loans. All lenders now do not have loans which are assumable. 
This of course does not include Sub2 which you are not technically assuming the loan.

  • Chris Seveney
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