Posted by Julie on July 05, 2001 at 12:41:35:
Thanks for your response Dave. I was a little too slow. One couple (the very 1st appointment) looked at the property 15 minutes before I got there, and bought it. However, I appreciate the information on the FHA Assumable!
This was a good deal. I blew it! …on to the next one…
Julie
Assumable FHA Mortgage - Posted by Julie
Posted by Julie on July 03, 2001 at 14:00:16:
I found an owner with an assumable FHA mortgage on a 2 unit rental. He wants $14,000 down and for me to assume the mortgage. The owner does not currently occupy this property. He is moving from his current residence, and needs the FHA standing to buy his new house.
My question is… If I assume this mortgage will I be able to immediately refinance the property? I can’t hold on to a FHA mortgage if I am not occupying the property, correct? So, is it OK to just assume it, then refinance the property, since the mortgage would then be in my name? And, if I do refince it, would it have to stay FHA? Or could I refinance with different terms? My main concern is not occupying the property. I don’t want to do anything that’s not legal.
Thanks in advance!
Julie
Re: Assumable FHA Mortgage - Posted by Dave T
Posted by Dave T on July 03, 2001 at 20:35:27:
Is this an FHA with qualifying assumprion or non-qualifying assumption?
If it is a non-qualifying assumable loan, then there are no restrictions. You can do anything you want.
If a qualifying assumable, then you must be an owner occupant and must meet the lender’s credit and income guidelines for a new FHA loan in order to assume.