Things to do in Washington DC: FHA Assumptions = More $ales????

FHA Assumptions = More $ales????

Via Jayne Combs (Frost Mortgage Lending Group):

(All info provided assumes existing loan was originated on or after December 15, 1989)

An FHA assumable loan can be an attractive feature when selling or listing your home for both the buyer and seller, especially in today's declining value market.   Here are some quick facts on FHA assumptions:

 ·         Buyers must credit-qualify to assume existing loan for remaining term.

•·         Buyer will obtain assumption package from current loan servicer.

•·         Loan fees are lower than a new-loan origination.

•·         Sellers will be released of liability.

•·         No appraisal required.

•·         Investors do not qualify for assumptions.

•·         Cash contributions from the seller to facilitate the assumption are not allowed.

•·         Seller may pay buyer's closing costs and processing fees.

•·         The borrower may use secondary financing and borrowed funds.

•·         Assumptions for use as second home is prohibited UNLESS there is a hardship due to no affordable rental housing available within a reasonable commute distance to employment. 

 Be sure to do the research on a listing to determine: 

•·         Is this home currently financed with an FHA loan?

•·         What is the current balance on the loan?

•·         What is the remaining term of the loan?

•·         What is the monthly payment?

•·         What is the interest rate on the loan?

So whether you are the realtor or the seller, this may be one option for you if your home is upside down in value and then your credit would not be affected by a short sale or possible foreclosure.

"The information provided has been based on rules and regulations issued by Federal Agencies and interpreted for you by MortgageCurrentcy.com.  Interpretations are not guaranteed but we attempt to make them both easy to understand and help you sell more real estate.  Check with your local and state authorities to ensure that you meet all requirements and disclosures."

 

 

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7 comments • Lanre "The Real Estate Farmer"Folayan Buy a home in Washington DC • August 02 2010 08:30PM

Comments

Lanre,

 

Information that can definitely set you apart from the pack. thanks for reblog.

Posted by Akil Walker (Exit Advance Realty) almost 2 years ago

Lanre

When followed with the rules assumptions in VA and FHA loans can really pay off. If someone assumes a loan down the road at 5% that is a good deal

Posted by Tom Braatz,Waukesha County Realtor Real Estate agent,Waukesha Cty WI Real Estate (Re/Max Realty Center 262-377-1459) almost 2 years ago
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