| Author |
Previous Topic | Next Topic |
|
mclaud
45 Posts |
 Posted - 08/15/2008 : 1:13:21 PM
|
| Anyone knows about this kind of loans, any help would be appreciated!!! |
|
Carpet Muncher
1385 Posts |
Posted - 08/15/2008 : 1:14:29 PM
|
| You know what happens when you "assume" don't you? |
|
|
mclaud
45 Posts |
Posted - 08/15/2008 : 1:16:50 PM
|
| Hey Muncher, What do you mean? |
|
|
gopackers
449 Posts |
Posted - 08/15/2008 : 1:19:26 PM
|
lol
quote:
Originally posted by Carpet Muncher
You know what happens when you "assume" don't you?
|
|
|
Scrooge McDuck
8851 Posts |
Posted - 08/15/2008 : 1:36:03 PM
|
| im curious what the angle is on this that makes this the next big thing? |
|
|
jscorbett
3731 Posts |
Posted - 08/15/2008 : 1:47:12 PM
|
| me too.....what are you going to do assume a loan on an upside down property.... GREAT INVESTMENT |
|
|
ML
3019 Posts |
Posted - 08/15/2008 : 1:49:02 PM
|
| fha |
|
|
mclaud
45 Posts |
Posted - 08/15/2008 : 3:32:39 PM
|
Not really Corbett, some people can't qualify on thier own and may use some help, then assume.
Just thinking about a part of my pipeline, that's all.
And read the first word of my posting... "Possible"
LOL |
|
|
mclaud
45 Posts |
Posted - 08/15/2008 : 3:35:13 PM
|
| Thanks ML, I'll do my homework |
|
|
KHufford
6002 Posts |
Posted - 08/15/2008 : 3:43:42 PM
|
Assuming leads to assumptions.
|
|
|
benjamin
2297 Posts |
Posted - 08/15/2008 : 3:57:06 PM
|
This was ok 20+ years ago. It is fantastic in a stable market. Lets say someone loses a job, has decent payment, is NOT upside down, someone with a job takes over mortgage. Person moving out saves credit standing, person moving in saves on closing costs.***Person "losing" house has a chance to buy another house soon without having destroyed their credit. Of course , they need to show income.
If someone is upside down, doesn't help.
If someone put a large down payment, has lost job or death in family,or some other misfortune and doesn't sell or wants to move quickly, it is a great opportunity for assumer(buyer). Was less documentation for assumer also.
Could help a few thousand people.
|
|
|
isitfree
771 Posts |
Posted - 08/15/2008 : 4:11:35 PM
|
| Back in the day, FHA loans were non-qualifying assumables. The buyer paid a $50 name change fee and owned the house. |
|
|
ML
3019 Posts |
Posted - 08/15/2008 : 4:26:47 PM
|
quote:
Originally posted by isitfree
Back in the day, FHA loans were non-qualifying assumables. The buyer paid a $50 name change fee and owned the house.
Eliminated in 1989 
However, the assumability of FHA loans is a positive to borrowers, for if rates continue to rise, say to the 8-9% range, the borrower would have an advantage when selling due to this feature. Assuming the future buyer qualifies. |
|
|
velecico
3997 Posts |
Posted - 08/15/2008 : 4:45:30 PM
|
If the loan is VA or FHA pre 1989 you can still assume it without income qualification |
|
|
velecico
3997 Posts |
Posted - 08/15/2008 : 4:46:35 PM
|
If the loan is VA or FHA pre 1989 you can still assume it without income qualification |
|
|
soxfanbroker
69 Posts |
Posted - 08/15/2008 : 5:13:36 PM
|
| I don't get it. was that supposed to be a link?? |
|
|
Agent_Mike
375 Posts |
Posted - 08/15/2008 : 5:30:50 PM
|
Not going to happen in this market.
The hoops will only get tighter and more fiery. |
|
|
MisterVA
6634 Posts |
Posted - 08/15/2008 : 5:33:41 PM
|
| One of the big issues back in the 80s was the existence of assumable mortgages and many notes were called as a result. The beginning of the 'due on sale' clause which held up in court eliminated assumability except for on FHA & VA loans. |
|
|
assassin17
4179 Posts |
Posted - 08/15/2008 : 7:06:40 PM
|
| They were assumable because rates were so high that the new borrower wasn't any more of a risk than the old one. Nobody is going to make a low-rate mortgage assumable in a market where people aren't paying for their mortgages. |
|
|
benjamin
2297 Posts |
Posted - 08/15/2008 : 7:27:38 PM
|
Forget about it. After the election this fall,protect what you have.
In my opimion, house prices will drop to 28/36 affordable ratio. This includes blue collar families, assuming we /they still have a job.
This should get average sold house price down to about $124000.00. Oh, what a feeling.
|
|
|
mclaud
45 Posts |
Posted - 08/18/2008 : 07:44:22 AM
|
| Thanks for all the info!!! |
|
|
| |
Previous Topic | Next Topic |
|
Search for: 
