If you have assumed a FHA mortgage and are current on payments, the FHA will refinance the assumed mortgage even if it is “underwater”. There are no appraisals necessary and congress has recently raised the maximum mortgage limit you could have.  Take a look at what the maximum loan amount for your area is @  FHA MAXIMUM LIMITS

Remember, the FHA does not make home loans. They insure them.

Showcase any real estate property that has assumable financing with takelist.com. All leads are free and automated so that Realtors can continue to facilitate the entire sale.

Whether you are the listing agent, or a realtor who would like to represent pre approved buyers, it is easy to upload property details and images.  You will earn full reciprocity of the sale as usual.

 (Step 1) Add the property to our directory. (Step 2) All buyers will be directed to you.

 When a buyer expresses interest

1. Inquire if they have a pre approval letter.

2. Complete a buyer representation agreement.

3. Contact the listing agent to confirm the property is still available.

Homeowners with little or no equity value can free themselves of their mortgage commitment and save their credit rating. How?  FHA and VA loans are assumable! While equity values are declining, the reality is the assumable price may be more attractive to buyers.  A mortgage assumption involves simply finding a willing and able buyer to take on the responsibilities of your current home loan. The buyer will relieve you of your debt obligation to the lender and take over all remaining payment for the duration of the loan. You will be released of all liability associated with the loan and property. This is an easy alternative selling strategy. 

Let someone else take over

Take advantage of your current mortgage terms.  FHA, VA, & ARM loans are assumable mortgages. This allows you to transfer your financing to a buyer with minimum expense and maximum benefits. This technique gives consumers another way out if they have not had success selling the traditional way. It drives down homeowner cost, releases all liability, and has proven to be the most efficient way to sell. 

Finding someone to assume your mortgage payment and property is easier than you might think. Takelist.com is a new online directory resource for assumable mortgages, dedicated to helping sellers and buyers connect directly.

Post your home in their directory so that buyers can find you!

There are several benefits to assuming a mortgage.  By avoiding all Realty, Down Payment, Closing, & Appraisal cost you are not exposed to anything that would normally mark up the price. In addition there are no bidding wars to contend with. You will own the property for the current loan amount, which could be much less than the actual market value. The remaining payments left on the loan will be shorter than the original purchase date. If that is not enough also consider that you will still be eligible for any current Government Tax Credits available.

It even gets better. Most of these loans do not require a down payment. Some lenders may request a small amount to secure the loan, but this cost normally does not exceed $500.00. All you have to do is contact the Seller or lender to see if you qualify for the assumable loan. A credit score of 600 or better increases your potential. Takelist.com shares the sellers information under each posting. Their lenders should be able to walk you through the process step-by-step.

Using the sellers financing has many advantages.

BUYERS

• No Closing Costs

• No Down Payment

• No Appraisal Cost

• Minimal Paperwork

SELLERS

• No Realty Contracts

• No Bidding Wars

• Convenient Signing

A inspection gives the buyer an unbiased review of the overall condition of the home.  While assumable properties do not require an inspection prior to purchase, doing this beforehand does provide protection. The primary objective is to take an in-depth visual examination of the physical condition, structure, equipment, finishes, and mechanical systems. Depending on your location as well as the size of the house a inspection cost on average $300-$400.  But if you really want to save, there are ways to do it yourself. Google “Free home inspection check list”.  You’ll find many forms and tools that will walk you through the process.

The buyer or the bank can transfer the title. Lenders normally complete this automatically at no cost. Otherwise recording it can be done at the county court house for less than $50 in most areas.  What is more important than the “Title” is the “Deed”. Title companies do not hold the Deed to any property, the bank that owns the mortgage does. The deed will not be placed in the owners name until the balance is paid in full and the bank has filed a “satisfaction of mortgage” on the home. 

All deeds are public records.

An important part of the assumption package is the release of liability document. This protects the seller and is available for “All” assumable mortgages.  The Federal Housing Commissioner approved this March 20, 1990. See for yourself here. Without a release of liability the bank might have the right to collect the balance due if the buyer defaults.  To release the seller of their mortgage obligation make sure it is included in the assumption package.

There is a massive inventory of homes for sale on line.  Many generically advertise the anticipated monthly payment. These serve as a great guide to follow, but why leave it up to a “guess”.  Get the exact amount.  Understanding the monthly payment you are comfortable with can make or break the sale.  Ask your trusted real estate professional to refine your home search.  In addition to price, Beds, Baths, and amenities, they can sort parameters that include “assumable financing”.  The seller can feature the exact monthly payment that can be assumed on Takelist.com   This “assumable” variable is becoming more popular and is also known as Seller/Owner financing.  Use it!  This will help you identify the best deal.

Little things – matter the most

This is an essential first step to shopping for a home. Realtors will even ask for a pre approval letter to begin the process. It simply confirms that you are qualified to buy.  Although you will not be utilizing that particular lender services, a pre approval letter proves that you are credit worthy for a assumable loan.  It also minimizes anxiety, and removes any last-minute loan surprises. As Mortgage approval is generally the longest contingency to satisfy in a purchase, its best to completed it on the front end. Use any free no obligation pre-qualification services online to find out if you qualify for a home FHA/VA/ARM loan.

Don’t surmise its value!