How does an assumable mortgage work?

Written By: admin on December 9, 2009 One Comment

What do you need to get one of these deals where you assume the mortgage on a house for sale?

Landlord on: 9 December 2009 at 11:48 am

Most of what you will see are scams. Few loans are assumable.

But of those that are you still have to qualify just as if it were your loan from the start. The huge benefit is that the term continues, you do not have to start off with 30 years.

The only major loan that is commonly assumable is a VA loan. Of course you have to be a vet to assume it.