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Assumable mortgage is a term it pays to understand. Bankrate explains what it is.
An assumable mortgage is a home loan that a buyer can take over from a seller, generally with lender approval. The buyer agrees to make all future payments at the original interest rate, and the agreement normally severs any legal ties the seller has to the home.
Not all types of mortgages are assumable, and due to stricter lending regulations, assumable mortgages are less common now than they were when the housing bubble burst in 2007-2008. If you are shopping specifically for an assumable loan, keep in mind the following:
If you are interested in assuming a mortgage, let your Realtor know. He or she should be able to find what is available in your area.
The assumption process of an FHA loan is determined by when the original loan was taken out. Any loan originated prior to Dec. 1, 1986, can be assumed under a “simple assumption” process, which requires no credit check or lender approval. Any FHA loan taken out after that date is subject to the “creditworthiness assumption” process, meaning that you would need to qualify as though it were a new loan.
VA loans require you to have the credit and income to qualify for a mortgage, even when you assume an existing note. They also require that a fee equal to 0.5 percent of the existing principal balance be paid by you or the seller. Both the VA and lender must OK the assumption of any VA loan originated after March 1, 1988.
The downside of assuming a mortgage may be the amount of cash you are required to come up with. If a seller is asking $300,000 for his home, but only owes $200,000 on the mortgage, you would be expected to come up with the $100,000 difference. The trick, if you do not have a great deal of money to put down, is to find an assumption in which the seller has little equity in the home.
Use our calculator to figure out how much house you can afford to buy.