How to Get an Assumable Mortgage: Step-by-Step Guide (2026)
Saturday, June 06
# How to Get an Assumable Mortgage: Step-by-Step Guide (2026) Here's exactly how to get an assumable mortgage in 2026: find a home with an existing FHA or VA loan, get pre-qualified through that loan's servicer, and cover the equity gap between the purchase price and the remaining loan balance wi...
Credit Score Requirements for Loan Assumptions
Friday, June 05
# Credit Score Requirements for Loan Assumptions The credit score you need to assume a mortgage depends on the loan type. Here's the short answer: - **FHA assumptions:** 580 minimum (some servicers require 620+)- **VA assumptions:** 620 minimum (some servicers require 640+)- **USDA assumptions:**...
Assumable Mortgage Closing Costs Breakdown
Friday, June 05
# Assumable Mortgage Closing Costs Breakdown Closing costs on an assumable mortgage are lower than a traditional purchase. Here's the breakdown of what you'll actually pay. ## What You Pay **Assumption fee: 1,000.** This is the servicer's fee for processing the transfer. FHA assumptions are typic...
Down Payment Requirements for Assumable Mortgages
Friday, June 05
# Down Payment Requirements for Assumable Mortgages There's no set down payment percentage for an assumable mortgage. Instead, you need to cover the equity gap: the difference between the home's sale price and the remaining loan balance. This is fundamentally different from a traditional mortgage...
Second Mortgages for Assumable Loans Explained
Thursday, June 04
A second mortgage is how most buyers cover the equity gap when assuming a mortgage. You take over the seller's low-rate first mortgage and get a separate loan for the difference between the sale price and the remaining balance.The second mortgage rate will be higher. Count on 8-10% right now. But...
The Blended Rate Strategy: First + Second Mortgage Explained
Thursday, June 04
The blended rate strategy is how most buyers make assumable mortgages work when they can't cover the full equity gap with cash. You assume the low-rate first mortgage, get a second mortgage for the equity gap, and your combined (blended) rate is still well below market.This is the strategy that m...