Great Question! I'm currently working with a buyer that is going through an assumption loan with a 2.4 interest rate. I put my clients on a search and each home they liked a property, I would reached out to the listing agent to find out details on the loan and a possible assumption. I was told that an assumption could take 3-4 months, but working with this particular mortgage company, it's only taking 45 days. The buyer is aware that they must pay off the loan to get the house. The buyer's are s...

Great Question! I'm currently working with a buyer that is going through an assumption loan with a 2.4 interest rate. I put my clients on a search and each home they liked a property, I would reached out to the listing agent to find out details on the loan and a possible assumption. I was told that an assumption could take 3-4 months, but working with this particular mortgage company, it's only taking 45 days. The buyer is aware that they must pay off the loan to get the house. The buyer's are selling a house, so they will have the extra money to pay off the loan that is currently on the house. I hope this information helps, and please reach out to me to see how things are going for my clients.

the buyer would need to cover the difference between the remaining balance on the assumable loan and the sales price of the property. This difference is often referred to as the "loan assumption gap." The buyer would typically provide this additional amount to the seller to make up for the shortfall between the loan balance and the sales price. Its also best to find a home that has been recently bought, maybe 2-4 years ago so the gap isnt that much. I also know a lender who can do this type loan...

the buyer would need to cover the difference between the remaining balance on the assumable loan and the sales price of the property. This difference is often referred to as the "loan assumption gap." The buyer would typically provide this additional amount to the seller to make up for the shortfall between the loan balance and the sales price. Its also best to find a home that has been recently bought, maybe 2-4 years ago so the gap isnt that much. I also know a lender who can do this type loan. I have a listing coming soon in Katy, 4 beds, gameroom but only 2450 sq ft. Contact me at (713) 725-7545 https://s.hartech.io/8DedAe6qCvzCan copy paste the link or its at 24711 Blane drive