[Guest]

Has anyone run across a website for persons interested in "Assuming the Loan" on property (rural acreage/house - East coast)? My web search did not reveal anything.

Thank you for any leads.

 

[Mudwoman]

Chances are that you will not find anything. FHA and VA loans were assumable without qualifying until the mid 1980's. Most of those loans are now history. FHA and VA had such strict qualifying standards for land over 1 acre and not part of a subdivision that finding land that qualified would be like finding a needle in a haystack so to speak. Most land is financed with conventional financing or owner financing. Those loans can be assumed with qualifying. If you have to qualify, then why not go with a new loan? Interest rates are the lowest they have been in 40 years. The real estate market is still quite hot and therefore, you won't find very many foreclosures or sellers desparate----------but should interest rates go up, that will probably change.

 

[Guest]

They're pretty much gone for now, regardless of the type/size of property you're looking at. Part of the reason is that so many people defaulted on the assumptions and when they do, the original VA person (for example) could no longer use the loan guarantee on another property.

 

[Jena]

I bought my first house by assuming a loan. No qualifying, though I had already qualified for a new loan. I assumed the loan because it was ONLY 11%!!! Current rates were more like 18%.

Those days are long gone. The only time it would make sense to assume a loan today would be to get a better rate, but rates are about as low as they can get.

Jena