Significant savings are available to home buyers who assume a mortgage. Rather than applying for a new loan, take over the interest rate of the sellers "existing mortgage" to avoid all traditional settlement cost. Mortgage assumptions are much easier and less costly for all consumers.
Knowledge is power!
BE CREDITWORTHY
Review your credit score, and financial status. As of July 2012, FHA requires a minimum credit score of 580. Lenders often require a higher credit score of 620.USE OUR SEARCH TOOL
Find a loan to assume by searching our national assumable mortgage directory.EXPRESS INTEREST
Contact the seller. Be prepared to discuss your interest in the property and your desire to assume their loan.VERBALLY AGREE TO PROCEED
While this is a non binding task, it will prompt you to begin the assumption process with their lender.WAIT FOR THE ASSUMPTION PACKAGE
The seller will order an "Assumption Package" from their lender. Most lenders are able to mail this to them in just a few weeks.ANALYZE THE ASSUMPTION PACKAGE
Review and complete the lenders instructions with the seller. Make sure you understand and agree with the terms before you return the completed documents to the lender.EXPECT 30 DAYS
Expect 30 days for the lender to complete your request. It is wise to confirm the lender has received and is satisfying the request. Some lenders may specify the amount of additional time needed.KEEP YOUR APPROVAL & ASSUMPTION DOCS
The lender will notify you of approval once everything is processed and the loan transfer is complete.Headquartered in Minnesota, Trust & Experience LLC is a emerging entity committed to helping persons with assumable real estate. We provide assumable data & strategic consultation services nationally. Our mission is to increase buyer value, drive down cost for home ownership, and champion others with this same strategy nationwide.