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      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 loan

      they 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, you

      may have to put money down still, though, which isn’t a bad idea in

      general.

      — In Budget101_@yahoogroups.com, Tressa Watts

      wrote:

      >

      >

      > 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% interest

      with $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 are

      in 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 to

      put 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 our

      current 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 less

      if 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 this

      house!!!! advice would be greatly appreciated!

      > Thank you,

      > Tressa in Washington

      > _________________________________________________________________

      > Put your friends on the big screen with Windows Vista® + Windows

      Live™.

      > https://www.microsoft.com/windows/shop/specialoffers.mspx?

      ocid=TXT_TAGLM_CPC_MediaCtr_bigscreen_012008

      >

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