Non Qualifying Assumptions? - Posted by Dan (MO)

Posted by Kim on December 01, 2000 at 09:16:11:

Hey !

I think I’m renting one of these homes now. My step mother wants to gift it to me (Dad passed).

Are you saying I can assume without qualifying ? What would costs be ? Can I then tap equity ? Problem is no credit, low income. I could sure use the money.


Non Qualifying Assumptions? - Posted by Dan (MO)

Posted by Dan (MO) on November 28, 2000 at 19:51:40:

I was wondering if there is still a place in today’s market for the non qualifying assumption loans that were made during the eighties. I dont remember the exact dates but sometime in '88 the VA loans I believe were no longer non-qualifying and the same happened with FHA loans in '89.
Are there still loans out there that can be assumed without qualifying? If there is, there is sure to be alot of equity in the property. Any thoughts or comments on these loans? And is it worth it to take a gander at the recorder of deeds office to see if there are still loans out there like this that havent been “released”?

Re: Non Qualifying Assumptions? - Posted by dewCO

Posted by dewCO on November 28, 2000 at 23:00:54:

You’re dates are correct I think. Probably most are gone with the refi boom we had a few years ago, plus most hot real estate markets have caused people to move more often and not keep loans as long.

You don’t just need to find them— you need to find them that want or need to sell, toooooo.