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Best Kept Secret In Today's Market: Assumable Loans!

_{BUYERS: TAKE OVER A LOW INTEREST MORTGAGE AND SAVE THOUSANDS!}

Do I need a downpayment?

Yes, you will likely need a down payment when assuming a loan. The amount will depend on the difference between the loan balance and the home's sale price. It may be possible to get a second mortgage or a home equity loan to cover the gap between the assumable loan balance and the sale price. This helps buyers who don’t have enough cash for the full down payment. However, approval depends on your credit and the lender’s requirements.

Can I assume a VA Mortgage, if I have no military background?

Non-veterans CAN assume a VA loan, but the seller's VA entitlement will not be restored unless the buyer is also VA-eligible.

How Long Is the Process?

Traditional escrow transactions take about 30 days, however the assumable purchase process may take up to 90 days.

What are the main drawbacks?

One downside is that the buyer might need to make up the difference between the loan balance and the home’s purchase price, often requiring a large down payment. Additionally, not all loans are assumable, and the buyer must still qualify based on the lender’s standards.