Comments on: Do We Need Assumable FHA Mortgages? http://www.fhaloanpros.com/2009/07/do-we-need-assumable-fha-mortgages/ The Unofficial Guide to FHA Loans & Mortgages Tue, 17 May 2011 20:16:59 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: scaredycat http://www.fhaloanpros.com/2009/07/do-we-need-assumable-fha-mortgages/#comment-83823 scaredycat Wed, 17 Feb 2010 21:50:00 +0000 http://www.fhaloanpros.com/?p=1116#comment-83823 the reaosn we are not seeing assumptions i think is because interest rates are going down. if interest rates were going up, way up, wouldnt we be seeing lots of assumptions? the reaosn we are not seeing assumptions i think is because interest rates are going down. if interest rates were going up, way up, wouldnt we be seeing lots of assumptions?

]]> By: Peter G. Miller http://www.fhaloanpros.com/2009/07/do-we-need-assumable-fha-mortgages/#comment-71240 Peter G. Miller Tue, 17 Nov 2009 15:01:59 +0000 http://www.fhaloanpros.com/?p=1116#comment-71240 Do you have any evidence that we are seeing a large number of assumptions? If not, why not? Do you have any evidence that we are seeing a large number of assumptions? If not, why not?

]]> By: Bruce http://www.fhaloanpros.com/2009/07/do-we-need-assumable-fha-mortgages/#comment-71214 Bruce Tue, 17 Nov 2009 03:25:32 +0000 http://www.fhaloanpros.com/?p=1116#comment-71214 "With a qualified assumption you need the lender’s approval to take over the loan, approval which is rarely if ever given." THIS IS MERELY ACADEMIC DISCUSSION AND NOT LEGAL ADVICE: It appears that you may be a bit confused. You may want to review 24 CFR 203.512, 24 CFR 203.41(a)(3), and HUD Handbook 4330.1 REV-5, "Administration of Insured Home Mortgages," Chapter 6 "Change of Mortgagors (Assumptions) or Servicers and Sale of Mortgages." There you will see that it is against the rules for a mortgagee to impose restrictions (including interest rate increases) on a conveyance of an FHA-insured property to a financially-qualified principal resident-buyer per FHA's financial qualification guidelines. "With a qualified assumption you need the lender’s approval to take over the loan, approval which is rarely if ever given." ---NOT--- “With a qualified assumption you need the lender’s approval to take over the loan, approval which is rarely if ever given.”

THIS IS MERELY ACADEMIC DISCUSSION AND NOT LEGAL ADVICE: It appears that you may be a bit confused. You may want to review 24 CFR 203.512, 24 CFR 203.41(a)(3), and HUD Handbook 4330.1 REV-5, “Administration of Insured Home Mortgages,” Chapter 6 “Change of Mortgagors (Assumptions) or Servicers and Sale of Mortgages.”

There you will see that it is against the rules for a mortgagee to impose restrictions (including interest rate increases) on a conveyance of an FHA-insured property to a financially-qualified principal resident-buyer per FHA’s financial qualification guidelines.

“With a qualified assumption you need the lender’s approval to take over the loan, approval which is rarely if ever given.” —NOT—

]]> By: Patricia Paakkonen http://www.fhaloanpros.com/2009/07/do-we-need-assumable-fha-mortgages/#comment-67981 Patricia Paakkonen Mon, 19 Oct 2009 23:34:35 +0000 http://www.fhaloanpros.com/?p=1116#comment-67981 Apparently FHA loans are no longer freely assumable...you have to be a qualified buyer. Apparently FHA loans are no longer freely assumable…you have to be a qualified buyer.

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