What's the basic idea behind an assumable mortgage?
An assumable mortgage is a home loan that empowers homebuyers to assume the seller's current mortgage terms. This can substantially reduce buyers' monthly mortgage payments. Notably, all government-backed loans, including FHA and VA loans, qualify for assumption. In the Phoenix Valley there were over 107,000 homes financed with an assumable mortgage from 2020 - 2022 when rates were nearing 2.5%. The assumable mortgage is the home mortgage cheat code
Unlock Savings: Discover Your Dream Home with Loan Assumptions Today!
Why buy a home with an assumable mortgage?
- Save $1000's per month on your mortgage payment
- Increase your selection of homes
- Easier to qualify
- Any buyer that qualifies for an FHA, VA or USDA loan is eligible to assume a low-rate mortgage.
- My team of professionals will navigate you thru the process with the servicer working on your behalf