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Updated over 4 years ago on . Most recent reply

Jared Miller's profile image
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Jared Miller
  • from Elkhart, Indiana
  • Member since Feb 15, 2017
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Jared Miller
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Jared Miller
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Creative Real Estate Financing

Assuming FHA Mortgage as Investor

Jared Miller
  • Elkhart, IN
Posted

I planned to assume the FHA Mortgage and then rent it out. Going through the paperwork from Chase it says Investors are unable to assume FHA mortgages or it will be accelerated and the total amount will be due. Can I assume the mortgage and then refinance right away to a conventional loan to avoid any headache and heartache?

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Joe Splitrock
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  • from Sioux Falls, SD
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Joe Splitrock
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Joe Splitrock
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Joe Splitrock
  • Rental Property Investor
  • Sioux Falls, SD
ModeratorReplied
Originally posted by @Jared Miller:

I planned to assume the FHA Mortgage and then rent it out. Going through the paperwork from Chase it says Investors are unable to assume FHA mortgages or it will be accelerated and the total amount will be due. Can I assume the mortgage and then refinance right away to a conventional loan to avoid any headache and heartache?

Investors cannot assume FHA mortgages. Why don't you just buy the property? Your offer is just the loan payoff and you cover closing costs. Then you have conventional financing from day one.

  • Joe Splitrock
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