ASSUMABLE MORTGAGE HOME OWNERS

  • List It

    Showcase your home in our directory. Buyers are waiting

  • Reduce Seller Cost

    Gain More Exposure

    Receive High Returns

    Solve Low & No Equity

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HOME OWNERS

LIST YOUR HOMEIN OUR DIRECTORY

SO THAT OUR BUYERS CAN FIND YOU

Finding someone to assume your low interest rate mortgage payment and property is easier than you might think. Posting is immediate. Buyers will contact you directly.

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Feature your home in our directory. Why? Your assumable loan is transferable with no change in terms. Buyers want to assume your loan because its cost less than new financing. Yes, sellers still capture all of their equity the same as with a traditional sale. Simply add the sellers financing option to the Purchase Agreement and the title company will do the rest. A mortgage assumption should only take 45 days to process (see HUD 4155 pdf).

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UNIQUE BENEFITS

Even in unique cases where a property has little or no equity, the seller can still get a return on their investment without taking a loss

  • Preserve credit
  • Save taxable income
  • Prevent foreclosure
  • Release all liability

Better than selling yourself short ,walk away with no consequences.

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You can transfer it! Just advertise your current monthly payment and let someone else take over. Homeowners with less than 10% in equity can do this themselves. Agents helping sellers with more than 10% in equity should simply add the assumable financing option to the Purchase agreement . Once the title agency transfers the loan, at the closing table the seller is fully released of all liability. Take advantage of your mortgage terms by posting your assumable home today.

10+

Years of Experience

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TRANSFER YOUR ASSUMABLE MORTGAGE

VIDEOS

  • Sellers Intro

    Gain more exposure. Incent the buyer. Fully release your liability.

  • Sellers - 1st step

    Your loan is assumable and can be transferred with no change in terms.

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$3,405.00/mo
1055 Padre Drive Unit 1

This desirable South Salinas condominium is walking distance to shopping, restaurants, grocery store...

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$2,200.00/mo
8249 Sedgewick Drive

MOVE IN READY! This rare find hosts 4 levels with 5 bedrooms, 3 baths, and a large backyard with mou...

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$1,328.25/mo
223 Calhoun Drive

Great floorplan with high ceilings. Foyer formal dining and living are open, divided by a partial wa...

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YOUR TAXES

Assuming a loan carries a tax advantage, because it does not expose the seller to any financial loss. Simply there is nothing to tax on the assumable portion. Only in cases of a traditional "short sale" does the IRS view forgiven debt as taxable income.

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YOUR CREDIT

All credit liability shifts to the buyer in an assumable transaction. This prevents lenders from reporting anything negative to credit agencies. Debt to income ratios and credit scores can in fact increase once liability is released and “paid as agreed”.

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YOUR LIABILITY

Lenders are required to send a full release of liability letter to the seller once the loan is assumed. The seller no longer maintains any responsibility for the life of the loan and is fully relieved of their debt obligation. Buyers become liable to the terms within the assumption package.

A SUCCESSFUL ASSUMPTION

8 EASY STEPS

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Step 1

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.

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Step 2

USE OUR SEARCH TOOL TO ORDER A DATA LIST

Find a loan to assume by searching our national assumable mortgage directory.

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Step 3

EXPRESS INTEREST

Contact the seller. Be prepared to discuss your interest in the property and your desire to assume their loan.

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Step 4

VERBALLY AGREE TO PROCEED

While this is a non binding task, it will prompt you to begin the assumption process with their lender

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Step 5

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.

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Step 6

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.

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Step 7

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.

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Step 8

KEEP YOUR APPROVAL & ASSUMPTION DOCS

The lender will notify you of approval once everything is processed and the loan transfer is complete.