fha assumable loans - Posted by Bert, TX

import · August 24, 2004, 1:11pm

Posted by Reina Soriano on October 17, 2004 at 01:35:52:

I would like to buy investing properties assuming existing loans.

import · August 24, 2004, 1:11pm

Posted by Bert, TX on August 24, 2004 at 13:11:33:

Hello, I came across a nice home with an assumable FHA 15 year 4.5% mortgage. I will assume that only owner occupants can assume this loan. My question is, can an investor assume this loan? Is there anyway around this? What are the repercussions?
Has anyone tried to do this?

thanks
-Bert

import · August 25, 2004, 6:54pm

Re: fha assumable loans - Posted by Dave T

Posted by Dave T on August 25, 2004 at 18:54:12:

You are correct. FHA loans issued in the past 15 years or so can only be assumed by an owner occupant buyer. Since the loan can not be assumed without the lender’s approval, a non-owner occupant will not be approved for assumption.

import · August 24, 2004, 1:35pm

Re: fha assumable loans - Posted by Joe

Posted by Joe on August 24, 2004 at 13:35:41:

You can take over the deed, and make the payments on the existing loan. Look up “subject to” in the archives, and in the “how to” section.

import · November 8, 2004, 12:35pm

Re: fha assumable loans - Posted by J. Baggett

Posted by J. Baggett on November 08, 2004 at 13:35:46:

Can the lender charge points for assumption?
Does FHA require add’l closing costs or points?
Is the same note assigned, warranty deed, and new deed of trust?
How about title policy - home is 2 years old?