Compare Mortgage Options, Calculate Payments, Get Quotes – All Online. Is mortgage non what a qualified? If you’ve filed bankruptcy, is a loan like this a good option for buying a house? How would you find a non – qualifying assumable loan? In this video, Memphis bankruptcy attorney Darrell Castle your questions about these loans and how they might affect your life after bankruptcy.
An assumable mortgage is a home loan that can be transferred from the original borrower to the subsequent homeowner.
The interest rate stays the same. The wording of this paragraph carries significant implications for home owners with non-assumable mortgages. Typically only VA or FHA loans can be assumed. Other loan programs such as conventional mortgages using Fannie Mae or Freddie Mac rules typically don’t have an assumption feature, although it’s possible.
With an assumption, the buyer simply “takes over” the mortgage at the closing table and does not have to obtain financing in the traditional fashion from a bank or mortgage company. VA and FHA both allow for assumptions in a “qualifying” and “non-qualifying” fashion. See full list on mymortgageinsider.