Assuming a FHA home loan
An assumable loan is a mortgage that allows a new borrower to take over the existing loan terms and payments of the original borrower. The Federal Housing Administration (FHA) offers assumable loans, which allow a buyer to assume the existing mortgage of the seller. Here's how the FHA assumable loan process works:
Find a property with an assumable FHA loan
The first step is to find a property with an FHA loan that is assumable. Not all FHA loans are assumable, so you will need to confirm with the lender whether the loan is assumable.
Assuming a VA home loan can be a great way to take advantage of the favorable terms and conditions of a VA loan, but it's important to make sure that you meet all of the requirements and understand all of the obligations before you proceed. Reach out to us go get started with this process: