When shopping for a house remember that government loans are assumable.

If the combination of increased rates and increased prices is killing your affordability, keep in mind that you can still get a rate of 2.5-3% if you assume seller’s existing loan.

Government loans (VA, FHA, and USDA) are assumable. This means that a new buyer/borrower can take over the existing loan the seller has with their existing terms. This will likely allow you to get a rate much lower than the current market.

Your loan officer will not like this as they are not making any money off it, and it is not the usual way of completing the transaction. It is also important to know that this must be approved by the current lender and your credit and income characteristics must be similar or better than seller’s.

This is not an option for Most conventional loans.

submitted by /u/ManVSReddit
[link] [comments]

If the combination of increased rates and increased prices is killing your affordability, keep in mind that you can still get a rate of 2.5-3% if you assume seller’s existing loan. Government loans (VA, FHA, and USDA) are assumable. This means that a new buyer/borrower can take over the existing loan the seller has with their existing terms. This will likely allow you to get a rate much lower than the current market. Your loan officer will not like this as they are not making any money off it, and it is not the usual way of completing the transaction. It is also important to know that this must be approved by the current lender and your credit and income characteristics must be similar or better than seller’s. This is not an option for Most conventional loans. submitted by /u/ManVSReddit [link] [comments]

<a href="Read More“>View Full Article

Need More Commercial Real Estate Leads?SAVE 40% this month!

Our commercial valuation calculator was created to evaluate commercial real estate. In 6 quick steps you will know your NOI, CAP RATE, and IRR.

Now you can get your own branded version of our calculator!