- This topic has 4 replies, 1 voice, and was last updated January 10, 2008 at 5:09 pm by .
- January 10, 2008 at 5:09 pm #255097Guest
Your best bet would be going directly to the bank and asking. You
may have to put money towards it, though.I’m not sure I fully understand, though. Basically, does it mean you
would just be taking over an existing loan, and the current owners
would get nothing out of the deal in order to get out of the loanthey have?
I don’t see any reason why you wouldn’t be able to, simply because
there’s already equity in the home if that’s the case. Again, youmay have to put money down still, though, which isn’t a bad idea in
— In Budget101_@yahoogroups.com, Tressa Wattswrote:
>> Need help…
> My boyfreind and I found a house we really want…I was approved
with my income only since he is a full time student at 7.5% interestwith $40,000 down as not to pay PMI. (I have a few dings on my
credit score I am trying to fix) We found out that the home has an
assumable loan and the seller is interested in this also..they arein a fix …lost job etc and need to get out of high payment. This
home has a 5.65% rate.
> Questions…> Do you think if I have dings on my credit that they will let us
assume the loan? Our payments will not be much different then if we
put down the $40,000 with the 7.5% interest rate. We will be able toput the $40,000 in the bank until boyfriend is done with school (for
a nice buffer) it happens to be with the same bank that our home
loan is with now. If we are able to assume the loan we can keep ourcurrent property as we have already had 2 people ask if they can
rent it…and then sell when the market is a little better…
(although our area isnt hit hard) or we wont have to settle for lessif we leave on market longer..(will sell better in spring/summer
with nice yard and inground swimming pool)
> Any suggestions? I am not sure what to do..I really want thishouse!!!! advice would be greatly appreciated!
> Thank you,
> Tressa in Washington> _________________________________________________________________
> Put your friends on the big screen with Windows Vista® + Windows
- You must be logged in to reply to this topic.