you need to provide alot more info here. In what context are you asking the question. Are you purchasing a house with an assumable mortgage? What is the amount where is it located. what are the terms.
First, let's be clear about something. There are for all intents and purposes no more "no-qualifying" assumable institutional loans out there.
This means that if you are going to "assume" a loan, you will have to meet the Lenders qualification criteria, and pay them for the inconvenience. You may be able to qualify for a better loan program than the existing loan you're considering assuming, and since you need to go through essentially the same process, why not explore those options as well?
You might consider discussing an all inclusive deed of trust, or contract for deed with the current owner which leaves the existing financing in place, and a portion of your payments to them makes the payment on the underlying loan. Your only qualification for this type of financing is the Seller's belief in your ability to make the payments.
you need to provide alot more info here. In what context are you asking the question. Are you purchasing a house with an assumable mortgage? What is the amount where is it located. what are the terms.
need more input......input ......input.........km
First, let's be clear about something. There are for all intents and purposes no more "no-qualifying" assumable institutional loans out there.
This means that if you are going to "assume" a loan, you will have to meet the Lenders qualification criteria, and pay them for the inconvenience. You may be able to qualify for a better loan program than the existing loan you're considering assuming, and since you need to go through essentially the same process, why not explore those options as well?
You might consider discussing an all inclusive deed of trust, or contract for deed with the current owner which leaves the existing financing in place, and a portion of your payments to them makes the payment on the underlying loan. Your only qualification for this type of financing is the Seller's belief in your ability to make the payments.
Good luck,
Jeff