Assumable loans

bawillis · #1 May 3, 2007, 07:26 AM

Are there still new assumable mortgage loans available today? Where can I find one? Are the interest rates comparable with other types of loans?

RichardBondMan · May 3, 2007, 07:50 PM

I assumed one back in 1993 and was told there were not many left then. I am not an agent, broker or real estate attorney and am involved in the real estate lending or sales business, so maybe someone else can chime in. I dont think there are many left though.

Home Retention Agency · May 15, 2007, 05:31 PM

Almost none.

I believe that VA loans are assumable, but they only account for around 2% of all purchase loans. Factor in re-fi's and that percentage drops to less than 1%.

What would be you reason for wanting to find one?

mother of five lovebugs · May 31, 2007, 06:52 PM

Quote:

Originally Posted by bawillis

Are there still new assumable mortgage loans available today? Where can I find one? Are the interest rates comparable with other types of loans?

I am selling my home, What I am looking at doing is a wrap around loan. I am not sure if this is the same. This is were someone is going to mabey take over my loan as of now for $502. When the value of my home is $550. Dut to the fact cant sell it in this market right now and the buyer cant get good loan due to credit. Therefore I add him to my title and he takes over payment.



At Ask Me Help Desk you can ask questions in any topic and have them answered for free by our experts. To ask questions or participate in answering them you must register for a free account. By registering you will be able to: Get free answers from experts in any of our 300+ topics. Accept money for answers that you provide. Communicate privately with other members (PM). See fewer ads. Sign Up!