Comments on: FHA Purchase Loans: Don’t “Assume” You Know It All Till You Read This!

By: Michelle

Michelle — Wed, 11 Jan 2012 21:58:13 +0000

Does the buyer need to get qualified first when assuming an FHA loan? If so what is the process? There is an owner of a home and has no equity to sell but now finds himself with three properties. The buyer doesn’t qualify for a typical loan due to the bust of the housig market but can make the payments comfortably if he was able to assume the loan.

By: Ed@church financing

Ed@church financing — Tue, 27 Jul 2010 12:51:29 +0000

Yes, FHA loans make up the bulk of the mortgage market today. Anyone wanting a home loan should look at FHA loans.

By: Chris

Chris — Mon, 21 Jun 2010 01:15:35 +0000

What if the house is 10 payments behind and is in foreclosure? Do the 10 payments need to be brought current prior to closing or assuming or would they start the new buyer as being current on the loan?

Also, what about a USDA grant of say $10,000? If the original owner owned it for say 8 years and the papers say 10 years will the entire 10k need to be repaid? Is it prorated? Could the new assuming buyers take over the grant as well? If they qualify?

I’m very interested and just found my dream property that is almost this scenario.

By: Chong Woodrow

Chong Woodrow — Tue, 30 Mar 2010 23:42:47 +0000

When one is taking a loan he/she must know how to repay the loan because the banks can not give someone money and the he/she does not have any way of generating money in order to repay the loan.

By: Mack

Mack — Mon, 29 Sep 2008 12:46:56 +0000

Thanks for sharing your meanigfull thoughts.

By: Tiffany Taylor

Tiffany Taylor — Wed, 23 Jul 2008 06:17:08 +0000

You’ve made several good points. FHA has been around forever and is just now finally regaining popularity among homeowners and potential buyers. It’s a great program for consumers who have little funds available for a down payment. But if you have 10% or more saved, you can avoid many fees that are only charged on FHA loans.

By: Brent Lane - Guest Blogger

Brent Lane - Guest Blogger — Wed, 09 Jul 2008 06:43:59 +0000

Brad- Thanks for the great tip! I think it is good to have that kind of service available.

GO Zone- Thanks! I am glad you enjoyed the topic and I appreciate any referrals you send my way!

Stair- Also glad you enjoyed it!

Colin- thanks for stopping by!

By: Colin @ Think Money

Colin @ Think Money — Fri, 04 Jul 2008 16:10:42 +0000

Love the way you add: “If you enjoyed reading this post, your website visitors might find it useful too. Just copy and paste the code below and give your visitors access to great real estate information.” – great idea!

By: Stair lift

Stair lift — Fri, 04 Jul 2008 05:02:01 +0000

Thanks for sharing all your thoughts and deep insight. I was not expecting all the amazing opportunities and facts which we can get by FHA loans.

By: GO Zone

GO Zone — Thu, 03 Jul 2008 00:55:47 +0000

Great post. Looks like you know your stuff, I’ll keep you in mind when clients ask.