An Assumption is when a Buyer of a property assumes the existing owners debt without getting new financing.
A mortgage is assumable if it does not carry a "due on sale" clause.
Most VA home loans are assumable.
Most FHA loans are assumable.
Most lenders will not allow the loan to be assumed.
All Va loans created before March of 1988 are assumable by anyone regardless of their credit.
Chances are, the property that you are considering buying does not come with an assumable mortgage. Contact [full name] at 888-418-4467 or email@example.com to be sure that you qualify for the financing you need.
An assumption occurs when a buyer of a property takes over the existing owners debt and retains the debt instrument.
A Mortgage must be assumable or otherwise transferable for a Buyer to assume a seller's obligations.
An Assumption must be approved by the Seller's existing lender to whom the debt is owed, and it must be held as permissible under the terms of the existing note.