Assumable Mortgage Chicago Multifamily

[Michael Pienkowski]

Hello All,
I'm on my second house hack in Chicago. My first was a 2 unit with an FHA and my second was a 4 unit with my VA. I have no entitlement left on my VA.

I was a bit interested in Assumable a loan for a property and know about most of the details, as well as bringing extra money to the table, I just wasn't sure if I would be able to assume an FHA or VA loan if I already have both and the VA entitlement was already maxed out.

[Brie Schmidt]

Quote from @Jonathan Klemm:

Great story so far @Michael Pienkowski!  You are moving fast, which is most important in my playbook to get ahead.  Where in Chicago are your two properties?

@Brie Schmidt nailed your question, I know you couldn't assume an FHA loan but didn't know the answer about VA (which makes sense) so glad I know the answer for next time. Thank you Brie!

FHA is assumable if you do not currently have one. He already has a FHA loan so can't have two.

Same with VA, it is assumable to another VA borrower as long as they have their entitlement available. He already has his in another property so the seller would have to forgo his entitlement to make is assumable.

The real issue with assumable loans right now is the down payment.  I have come across a few and even listed one recently with a assumable loan but they need about 30% down because of the seller's equity position