Assumable loans let buyers take over government-backed mortgages and lock in low rates — under certain conditions.
An assumable mortgage is a type of home financing arrangement where an outstanding mortgage and its terms are transferred from the current owner to the buyer.
Search assumable mortgage listings near you. Find homes with FHA & VA assumable loans. Save thousands a month and get rates as low as 2%.
Learn how an assumable mortgage works and see what kinds of loans are assumable.
Assumable mortgages — or low-rate mortgages that home buyers can take over from home sellers — are making a comeback. The process can be challenging.
How do assumable mortgages work? ; With an assumable mortgage, the buyer takes over the seller’s mortgage and keeps its interest rate, remaining payment schedule and loan balance. When rates are increasing, assuming an older mortgage loan can be a great way to secure a mortgage rate that’s far below what you could qualify for if you applied for a new home loan. To assume a loan, the buyer must meet the lender’s qualification standards . This process is essentially the same as applying for a standard mortgage — the lender reviews the buy ...
Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate mortgages to write unbiased product reviews. With mortgage rates still well above their pre-pandemic levels, borrowers are desperate for ways to keep their monthly payments low. One option is to buy a home with an assumable mortgage, which allows you to take over the seller's loan — and the existing mortgage rate it comes with. If the n ...
An assumable mortgage allows a buyer to take over a seller's home loan. Not all loans are assumable -- typically just some FHA and VA loans are assumable.
assumed loans. However, limiting your home search to properties with assumable mortgages significantly restricts your options. Plus, you’ll have to provide cash upfront (in the form of a...
Embrace Home Loans. That means, there are likely to be more assumable loans available in the Washington, D.C. area and markets in Texas, Florida and California that have high percentages of...