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.
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.
Learn about assumable mortgages in 2024. Discover how they work, their benefits, and expert insights to see if an assumable mortgage is right for you.
A VA loan is a great option for military families who want to buy a home, and you don't need a down payment. Learn how a VA loan works and whether you're eligible.
A VA loan program enables active-duty service members and veterans to get a mortgage with no down payment.
Learn how an assumable mortgage works and see what kinds of loans are assumable.
An assumable mortgage could be a smart choice if you’re buying a home during a time of rising interest rates. It’s not as easy as talking to a seller, however.
Learn what an assumable mortgage is, how it works and its potential benefits for both buyers and sellers.
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 ...
USDA and VA loans are both government-backed mortgages that require 0% down. Here's what to know about both.