Loan Assumption in Puerto Rico
I am negotiating an offer in Puerto Rico, for a house that would not apply for fha/conv lending. I suggested a creative approach, assuming the current loan + the seller taking a note for the remaining amt.
The agent claims that lenders are no longer allowing loan assumptions. Does anyone know if this is true? Has this change across all states, or is this only the case in PR?
Appreciate any input. Thanks!