Chad533 1 Report post Posted August 26, 2012 Based on this info: looking to move and need to get rid of home.Assume my mortgage. no closing cost just take over payments, you must meet FHA guidelines and be approved for at least 165000k. to take over loan.House is a 4/2 1800 square feet, beautifully yard and home lots of upgrades, large custom build shed, firepit, ceder fence, granite kitchen. If you can get pre-approved send me over a pre-approval letter to show me your interested. Please serious people only.This is a great opportunity to own a home and just take over the payments. payments are 1275. including taxes, insurance, and principal and interest. Everything is escrow. great loan 4% APR.please you must qualify for FHA which is easy if you can basically prove you can afford 1275$! How would you structure a deal like this. I am guessing it would just be an assignment deal, correct? I see a lot of different ways this can go, but I am not sure which way to go. Maybe I am just confusing myself since it is assumable. I am thinking, yes, it may be assumable, but why transfer it when we can just do a LO with a t/b and make more money out of it. Or am I thinking wrong? Share this post Link to post Share on other sites
pilot76180 51 Report post Posted August 26, 2012 If there is a lot of equity, you might want to assume it yourself, but if not, just assign the lease option, but, I dont' know if this seller would be open based on the ad. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted August 26, 2012 Chad, what's the value of the house and how much will it rent for? Share this post Link to post Share on other sites
Chad533 1 Report post Posted August 27, 2012 UPDATE: The balance on loan is 165000at 4%. The house appraises close to 140k max. The benefit of assuming the loan is no down payment or closing cost. All you have to do is income qualify through FHA. still interested call me at Considering the house is worth $25 less than the loan. I think I will be passing on this. I guess it is good for a short sale, but I know nothing about that other than it is time consuming. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted August 27, 2012 Agreed. No deal there. Share this post Link to post Share on other sites
pilot76180 51 Report post Posted August 29, 2012 My suggestion is to do a "MAPS" Mortgage Assignment and screw 2 people at once!!!!!!!! Share this post Link to post Share on other sites