what is an assumable loan

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What is an Assumable Loan? (with picture) – wisegeek.com – An assumable loan is a type of loan that a person can take over or assume. In such a situation, a person doesn’t apply for a brand-new loan. Instead, he takes over a loan that already exists. When a borrower takes over an assumable loan, he usually does not start fresh, with a new balance.

How to Assume a Mortgage: 10 Steps (with Pictures) – wikiHow – However, some loans, like VA, USDA, and FHA loans, are inherently assumable. If you’re thinking about taking over someone else’s payment, make sure you know how to assume a mortgage before you sign any paperwork or hand over any funds. Assuming a mortgage is not limited to "underwater" mortgages.

An assumable mortgage is a home loan that a buyer can take over from a seller, generally with lender approval. The buyer agrees to make all future payments at the original interest rate, and the agreement normally severs any legal ties the seller has to the home.

The assumptor is the person who wants to take over the loan. In addition to gaining approval, the assumptor of a loan funded after the 1986 date must work out the assumption terms with the lender.

Assumable Mortgages: When Can You Transfer Home Loans. – An assumable mortgage allows another party to take over the remaining payments on a mortgage loan, while keeping the existing loan rate, repayment period, principal balance and other terms intact. The rights and obligations of the original loan are essentially ported from one borrower to another without a new mortgage being created.

What Loan Assumption Means | ditech – What is a loan assumption? A loan assumption is a transaction in which a person (the "assumptor") obtains an ownership interest in real property from another person and accepts responsibility for the terms, payments and obligations of that other person’s mortgage loan.

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FHA loans don’t have a "due on sale" clause, which is why they are assumable. The FHA does require approval by the U.S. Department of Housing and Urban Development unless the home loan was funded.

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