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Can I assume someone elses mortgage?

  • November 26 2009 - Plano
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Answers (4)

There are 2 types of loans that can be assumed:  A qualifying assumable which means that you can take over the loan but you have to qualify for the loan as if you were getting a brand new one.  With today's rates, you are likely going to go with a new loan unless the rate of the note  is substantially lower than today's market rate.

The second loan that you can assume is a non-qualifyable and that means you just have to pay the owner the equity in cash and the loan can be changed under your name.  Your credit score doesn't matter.

These 2 scenarios are very rare to find in today's market.  May be if the owner has a loan from the late 80s when assumable loans were very frequent.

Only the owner of the home should be able to know or look up to find out if his note is assumable or not.

Naima

  • November 27 2009
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Sorry Landon, a lease option has nothing to do with taking over the sellers loan... you are off base..

and Jerry is correct... need to know more about the loan in hand... it may or may not be assumable.. and an AITD is a risky proposition to the buyer.. seek legal advise.. and you financial advisor...get your facts straight... good luck
  • November 27 2009
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If youre looking to get in a home without a lot of qualifying, you should look into Lease Options.. When dealing with lease options, you are in essence taking over a mortgage with an option to buy over a period of time. You have to put down an option fee, just like a down payment. Usually not nearly as much of which is required by the banks and without all of the credit requirements.

Check out my Free Videos at CBHVideos.com under "Never Pay Rent Again" This might give you a better idea of what Im talking about. You'll get my newsletters but you can unsubscribe from these at the bottom of the email since I do not currently do business in the Dallas area.. Although, I plan to in the future.

Take care.

  • November 26 2009
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Profile picture for jvanblaricom
It literally has to be an "assumable" loan - most new ones today aren't but the loan has to be designated as assumable to begin with.  Even if it is, you usually have to be approved by the lender to be able to assume the loan (not always the case).  In other words, we'd have to know more about the loan to say whether you can or not...
  • November 26 2009
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