Can Someone Assume My FHA Loan?

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Can Someone Assume My FHA Loan?

Handing Keys College Station Real EstateDo you have an FHA insured loan? Do you have someone wanting to assume it? Can you let someone assume your FHA insured loan?

YES!

An existing FHA insured loan can be assumed. Assuming a loan is less expensive than going through the process of getting a new loan and is more streamlined. Sometimes, the original FHA insured loan even has a lower interest rate than what is currently available with a new loan!

What is needed to assume an FHA insured loan? The application process is started with the current lender. The new buyer must show that they have enough income to support the mortgage loan. A credit check is also required but no property appraisal is required. Since a credit check and application are required, the new buyer must be able to show (using FHA guidelines) that they can afford the loan payments to purchase and assume.

Are you ready to start the process of finding your new home – CALL US!

Susan Hilton – Realtor & Sales Trainer for Century 21 Beal

Search the ENTIRE Bryan/College Station MLS? CLICK HERE!!!

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