Profile picture for adam83

loan assumption

I was told that only FHA loans are assumable. Is this correct? If so what is the process, cost, and qualifications
  • December 17 2010 - Edison
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Answers (7)

VA loans are also assumable. Regards,
  • December 17 2010
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Profile picture for wetdawgs

Qualifications:  the same as if applying for a new FHA loan (income, debts, credit score etc).

Assumption only makes sense if the interest rate of the loan is lower than currently available.

  • December 17 2010
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If you don't qualify to assume the fha loan, you can still assume it but the original mortgagee still has resposibility if you default.

  • December 17 2010
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Almost all loans created between 2000 and 2008 are fraudulent.  So you would be signing on to a loan with a clouded title to the home.  This could cause you serious harm later as the wrong lenders are involved in the real estate transaction.  You would be signing on to a bogus loan that has no legal connection to the house.  Google James Garfield and watch his several videos on the massive mortgage and foreclosure fraud.  He is the leading national attorney who has been exposing this fraud.  Go get your on loan.
  • December 17 2010
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Profile picture for sunnyview
Would you please post link about Mr. James Garfield? I can find no information about him at all.
  • December 17 2010
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I'll take that bet Almost All...were fraudulant!  I would be curious as to your definition of fraudulant?
  • December 17 2010
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Profile picture for wetdawgs
"No qualification" is only true if the loan originated before sometime in the late 1980s.   There aren't many 22+ year old loans out there at the moment. 
  • December 17 2010
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