All Forum Posts by: Craig O'Boyle

Would it have to be true cash? Is there no way to finance that remaining equity either with seller financing or 2nd position lien? Thanks, also learning here!

We do cover this in a class on our website.

while there's no guideline technically that you can't do secondary financing, all of the servicers that we are working with are denying it. It's in their best interest not see an assumption happen so they can loan the money out at a higher interest rate, and this is an area that they have discretion.

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Couple quick noteson assumptions.

1. You must owner occupy the property to assume an FHA VA or USDA mortgage.

2. You need to cover the gap between the price and the mortgage assumed in cash.

3. You can check out all of our training on this topic at assumptionSolutions.com

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Quote from @Carlos Hernandez:

Quote from @Eliott Elias:

Yes it will, you would much rather subto the deal and keep the financing in your buddies name.

Thank you for your input, I’ll look into the a subto, but I think this might be a little hard to convince him I might have to pay more to persuade. Also, while assuming a VA loan is it required to make it my primary residence ?

Yes. It must be your primary residence.

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San Diego, California

Quote from @Jason Taken:

Quote from @Craig O'Boyle:

Quote from @Carlos Hernandez:

Hello I have been looking in the forum for similar questions but I couldn’t find anything if you guys have seen something similar please guide me in the right direction.

I am currently in the military and used my VA loan to buy my current home. Recently I have been offer to assume a VA loan from a friend. He will keep his VA entitlements attached to the loan. My question is does my DTI ratio is going to be a factor even if I am try to rent this property.? This a duplex where the current owner owes around 770k and he wants 60k for his equity and low rate,(2.75%). Property is currently being rented out for 5k and monthly payment is 4K so it is going to be a cash flowing property . It all sounds like a good deal but my current home and cars take around 60% of my income .

Do you plan to own or occupy the place? If you don't plan to use it as an occupant you can't assume it.

Question is a little unclear but if you're liable for the debt it goes towards your DTI. Whether you meet VA loan requirements I believe is another issue another poster pointed out.

Talk to text fail. You can only complete a VA assumption on a property that is owner-occupied.

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San Diego, California

Quote from @Carlos Hernandez:

Hello I have been looking in the forum for similar questions but I couldn’t find anything if you guys have seen something similar please guide me in the right direction.

Do you plan to own or occupy the place? If you don't plan to use it as an occupant you can't assume it.

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San Diego, California

Congratulations. We started our company to help this process run smoothly for all involved. Check us out at assumptionsolutions.com if you or anybody else needs more info on this topic or help completing an assumption.

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William,

All FHA, VA, and USDA loans are qualifying assumable and a bank can't deny an assumption of these products. We'd be happy to talk about your situation. We have more info online at assumptionsolutions.com

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Matt,

If you need some help on this process our company, Assumption Solutions, consults on and processes VA & FHA mortgage loan assumptions between home buyers, sellers, and real estate agents.

Our website is assumptionsolutions.com

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Denver, Colorado

I'd be happy to help and answer any questions on the Assumption process. Our company, Assumption Solutions, consults on and processes VA & FHA mortgage loan assumptions between home buyers, sellers, and real estate agents.

We have great resources online at assumptionsolutions.com

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All Forum Posts by: Craig O'Boyle

Craig O'Boyle has started 0 posts and replied 9 times.

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